However, in Central Asia, the story is more complicated. This is because the region’s poorer countries, Tajikistan and Kyrgyzstan, depend critically on Russia through trade and remittances.
Falling remittances, reflecting the weakness of the Russian Ruble
According to just-released Russian Central Bank data, outward remittances from Russia fell sharply in the first half of the year, in USD terms. In the first six months of 2015 (relative to the same time in 2014) private transfers from Russia to Tajikistan and Kyrgyzstan are reported to have fallen by over 45% and 30% respectively. While less exposed, Uzbekistan has experienced a loss of even greater magnitude: -48%.