An important point is that the figures mentioned do not include data for December. Nevertheless, the growth of transfers from Russia to Kyrgyzstan amounted to 16.7 percent compared to previous periods.
Comparative data shows that the volume of transfers from Russia to countries such as Kazakhstan, Georgia, Armenia, and Azerbaijan has returned to levels observed in 2021. In 2022, there was a sharp increase in transfers due to the mass exodus of Russians; however, in 2023, a decline in activity is observed due to the so-called "adaptation effect" and difficulties with international transfers.
For example, transfers to Armenia decreased by 59 percent, totaling only $1.3 billion compared to nearly $4 billion in 2023. Georgia recorded a decline of 13.6 percent, while Kazakhstan saw a drop of 21.8 percent.
Experts note that Kyrgyzstan continues to be an attractive financial hub for both Russians and businesses. Local banks easily open accounts for Russian citizens, simplifying the resolution of everyday tasks such as paying for internet services and shopping in online stores. Additionally, this creates opportunities for currency diversification, as transfers in rubles from Russia remain accessible.
For businesses, Kyrgyzstan offers even more advantages: the simplicity of company registration, moderate banking compliance requirements, low tax rates, and convenient legislation, including the ability to legally work with cryptocurrencies.
