The increase in the volume of transfers to Kyrgyzstan was 16.7 percent compared to previous periods. At the same time, the volume of transfers from Russia to other countries, such as Kazakhstan, Georgia, Armenia, and Azerbaijan, 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, activity declined due to adaptation and difficulties with international transfers.
Thus, transfers to Armenia decreased by 59 percent, amounting to $1.3 billion compared to nearly $4 billion in 2022. Transfers to Georgia fell by 13.6 percent, and to Kazakhstan by 21.8 percent.
Experts note that Kyrgyzstan continues to be one of the most convenient financial centers for both Russian citizens and businesses. Local banks are eager to open accounts for Russians, which facilitates everyday tasks such as expenses during trips, payment for subscriptions, and purchases in online stores. Additionally, it is an excellent way to diversify currency, as ruble transfers from Russia remain accessible.
From a business perspective, the advantages of Kyrgyzstan are even more significant: the simplicity of company registration, not overly strict banking compliance requirements, low taxes, and comfortable legislation, including opportunities for legal work with cryptocurrencies.
