We expect money transfers at US$ 3.4bn for the full year of 2024, down from US$ 4.1bn in 2023- Galt&Taggart weekly review reads.
Money transfers decreased by 1.5% y/y to US$ 281.1mn in Oct-24, after a 1.1% y/y decline in previous month. Among the top countries, money transfers increased from the EU (+11.5% y/y, 45.9% of total), the USA (+20.6% y/y, 18.1% of total) and Israel (+23.1% y/y, 7.5% of total) in October.
In contrast, transfers reduced from Russia (-44.5% y/y, 12.2% of total) and Kazakhstan (-53.8% y/y, 2.7% of total). Overall, in 10M24 money transfers decreased by 20.6% y/y to US$ 2.8bn.
