REMITTANCES AND BANK ACCOUNT OWNERSHIP: A PSM ANALYSIS
Abstract
Central Asian countries exhibit some of the lowest levels of financial inclusion globally. According to the Global Findex Database 2021 (World Bank, 2021), formal bank account ownership among adults aged 15 and older stands at just 4% in Kyrgyzstan, 3% in Tajikistan, and 23% in Uzbekistan—figures substantially below both global and regional averages. Paradoxically, these nations
simultaneously rank among the world's most remittance-dependent economies, with cross-border transfers amounting to 20% of GDP in Kyrgyzstan, 23% in Tajikistan, and 13% in Uzbekistan (World Bank, 2023). This heavy reliance stems primarily from large-scale labor migration to Russia and Kazakhstan.
References
World Bank, 2023 “Personal remittances, received (% of GDP)”
Accessed online 5/1/2025: Personal remittances, received (% of GDP)
- Kyrgyz Republic, Tajikistan, Uzbekistan | Data
World Bank, 2021 “The Global Findex Database 2021” The Global
Findex Database 2021
European Bank for Reconstruction and Development (EBRD) & World
Bank. (2022). Life in Transition Survey (LiTS IV) [Dataset]
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