The Uzbek bank Orient Finance Bank (OFB) reported that “in the OFB mobile application, you can now receive money transfers sent from Russia through the Sberbank Online system.” A sender from Russia can make a transfer using a phone number. The recipient, in turn, needs to bring in a wallet in the OFB application. TASS learned about this in a conversation with representatives of the bank. They specified that “the money sent from Russia will be transferred to the wallet in the national currency at the bank’s purchase rate.”
TASS notes that Uzbekistan is now the largest source of labor migration in the CIS. Remittances are the main source of income for relatives and friends of migrants. The population of the republic is about 35 million people, while more than 2 million citizens or almost 20% of the able-bodied population work in Russia. In 2021, the volume of money transfers of individuals from the Russian Federation to Uzbekistan exceeded $8 billion. This is more than the republic's income from the sale of gold.
From March 18 and 20, the work of Visa and Mastercard cards of Sberbank in Kazakhstan was limited. They did not stop working, but bank customers in the country lost the opportunity to make transfers in US dollars, pounds sterling, Danish and Swedish krona, Canadian dollars through the Sberbank application. Transfers abroad through the application are only available in euros. There are no restrictions when making transfers at bank offices.
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