Lost in transference: withdrawal of money from Russia to abroad has fallen twofold. But…

Wealthy Monaco citizens and 10 million transfers to Uzbekistan

In 2015, from Russia to private persons (not including international transfers of legal entities) from the near abroad and the CIS was transferred $35.1 billion — at an average exchange rate of the dollar over the past year, although the transferences were carried out in different currencies, it is more than 2.1 trillion (!) rubles. Large amounts of money! But in 2014 it was almost twofold more – $68.8 billion.

The lion's share of the money was transferred to the near abroad by the expats, migrant workers and uncertain people about the reliability of savings in Russia – $24 billion. As the analytical service of Realnoe Vremya found out, the most amount of money last year was sent to Switzerland — $3.8 billion, Latvia – $2.2 billion and the USA — $1.9 billion. Moreover, among the CIS countries the leader is Uzbekistan – $3 billion, Tajikistan – $2.2 billion and Kyrgyzstan — $1.4 billion.

The main difference between transference abroad and to the CIS countries – the average amount of the transfer, which is similar in general but differs from country to country. For example, Monaco, where the Russian private persons transferred last year $457 million, the average transfer amount was $162 000. But Uzbekistan — only $300. That is, to Uzbekistan, there could be almost 10 million transferences.

Cross-border transactions of physical persons (residents and nonresidents) in 2015, US$ million

The 3rd in Volga region

Meanwhile, the leader in transfers to Russia was again Switzerland, from where to our country some citizens transferred $3.2 billion, and… Kazakhstan – $1.6 billion. From Uzbekistan, one of the three largest recipients of earned in Russia money, only $500 million returned to our country — six fold less than it was transferred from it.

In an average amount of transfer to Russia the leader is Monaco again – almost $83 000. From Switzerland to Russia in average it was transferred $27 700 each, that is also much. But from Latvia, which was the 2^nd on the amount of transfers to our country, only $200.

Unfortunately, the Central Bank doesn't provide the statistics on recipients of transfers from Tatarstan and to our Republic. Only the total amount of withdrawn funds is known — $141.2 million, transfers to the Republic is only $62.3 million. Among Volga regions of Russia our Republic on the amount of withdrawn funds in the 3^rd, after Samara and Nizhniy Novgorod regions which transferred abroad $246.5 and $151 million respectively.

Cross-border transactions of physical persons (residents and nonresidents) in the Republic of Tatarstan (except cross-border transactions through money transfer systems), US$ million