Money transfers from Russia climb to record high in July

Moscow - The volume of cross-border money transfers from Russia climbed 27% in July to a record $2.18 billion, compared to $1.71 billion in June, the Central Bank of Russia reported on its website. 

Money transfers topped $2 billion for the second time. The first was in August 2011 when the volume reached $2.007 billion.

Transfers to Russia saw little change ($271 million). The cross-border money operations deficit reached a record $1.91 billion in July, up 32% on June ($1.45 billion) and up 9% on August 2011 ($1.74 billion).

Most money transfers from Russia go to CIS countries (transfers to the CIS climbed 28% on the previous month in July to a record $1.94 billion).

The undisputed leaders in terms of money transfers from Russia are Uzbekistan, Tajikistan and Ukraine. These three countries obtained 64% of all money transfers from Russia to the CIS in the first half of 2012 and operations to these countries accounted for 68% of the money transfers deficit.

Uzbekistan received $2.1 billion in money transfers from Russia in the first half of 2012, or 29% of the money transferred to the CIS. Tajikistan was next with $1.4 billion and then Ukraine with $1.16 billion.

Uzbekistan also accounts for the majority of the money transfers deficit ($1.91 billion) at 31% of the deficit for operations with CIS countries.