Nevertheless, money transfers from Russia to other countries in the region have returned to 2021 levels. After a sharp increase in 2022, driven by the mass exodus of Russians, there has been a decline in activity in 2023 due to the "adaptation effect" and difficulties related to international transfers.
For example, transfers to Armenia decreased by 59 percent, amounting to 1.3 billion dollars compared to nearly 4 billion last year. The volume of transfers to Georgia fell by 13.6 percent, and to Kazakhstan by 21.8 percent.
Experts interviewed by the publication note that Kyrgyzstan remains one of the most convenient financial platforms for both Russian citizens and businesses. In particular, local banks are quite prompt in opening accounts for Russian citizens, which simplifies the resolution of everyday financial tasks, including expenses during trips, payment for online services and purchases in online stores, as well as using transfers for currency diversification.
As for businesses, additional advantages include a simplified company registration procedure, relatively lenient banking compliance requirements, low taxes, and legislation that allows for legal operations with cryptocurrencies.
