Gordyachkova O.V., Kanazarov D.K.Published in:
Journal of International Economic Affairs
– Volume 9, Number 3 (July-September 2019)

JEL classification: G10, O16, O53, P34

Keywords: financial development index, financial institutions, financial instruments, financial market, Kyrgyzstan


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Abstract:

The article demonstrates the results of a study of the current state of the financial market of Kyrgyzstan using indicators that form the Financial Development Index developed by the International Monetary Fund. The analysis conducted in 2013-2017 showed that along with the positive trends in the growth of the number of financial institutions, the financial market of Kyrgyzstan is characterized by most of the problems of developing markets. At the same time, the performance indicators of financial institutions characterizing the banking sector showed a negative trend. According to the results of the analysis, it was concluded that the financial market of Kyrgyzstan is developing, in spite of its imbalance and decrease in the efficiency of the credit segment, which is key. In general, there has been no significant improvement in the majority of financial development indicators, therefore, a noticeable change in Kyrgyzstan's position in the IMF's rating on the Financial Development Index in the short term is not visible.

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