According to inbusiness.kz citing the National Bank of Kazakhstan, money transfers from Kazakhstan to Russia plunged 14.3 times in August to 1.2 billion tenge.
Total outbound remittances halved to 27.9 billion tenge, down from 56.4 billion tenge in July.
Other corridors also posted sharp declines: transfers to Uzbekistan dropped by 39% to 12.3 billion tenge, to Kyrgyzstan by 75% to 0.7 billion tenge, and to Turkey by 21% to 4.6 billion tenge. Inbound transfers to Kazakhstan fell 24% to 12.2 billion tenge, with inflows from Russia plummeting 11.9 times to 0.2 billion tenge. According to the National Bank, the current figures mark lows unseen since at least January 2016.