Money To Be Made In Kyrgyzstan’s Financial Services Sector
Kyrgyzstan’s financial sector has enjoyed a considerable increase in revenues from January through September 2022, according to the National Statistical Committee of Kyrgyzstan. According to them, in the first 9 months of this year, Kygyz financial organizations generated about 75 billion soms (US$888.1 million), an increase of about 1.6 times greater compared to the corresponding period of 2021.
Kyrgyzstan’s National Statistical Committee notes that from January through September 2022, 67% of players in the domestic financial sector made profits, and 13% losses.
Kyrgyzstan has 603 organizations within its financial sector, including the National Bank, 23 commercial banks, 565 non-banking financial and credit organizations and 14 insurance companies.
Kyrgyzstan has been developing its regional trade with other Central Asian nations as well as with Russia and China. Its national foreign trade was up nearly 20% in 2021 while trade with Uzbekistan, and especially Turkiye, are showing significant increases this year. It has offered preferential incentives to attract FDI from Russia while both Wildberries and China’s Alibaba have been making inroads into the country. Kyrgyzstan is also a member of the Eurasian Economic Union, a free trade group that also includes Armenia, Belarus, Kazakhstan and Russia.
Kyrgyzstan can be expected to continue its bull run, it is a key player in the China-Kyrgyzstan-Uzbekistan railway network which will ultimately connect Western China with Central Asia and the Middle East.