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Financial Sector Review for Kyrgyz Republic

Author

Listed:
  • Hatice Jenkins

    (International Institute for Advanced Studies, Cambridge MA, USA)

Abstract

The Republic of Kyrgyzstan introduced radical reforms to restructure its financial sector to accelerate the transformation of its centrally planned economy to a market-based economy. High interest rates charged on loans is one of the major financial problems for trade and industry sectors in Kyrgyzstan. Today, working capital finance and investment finance are the two main constraints to the expansion and modernization of the industries in Kyrgyzstan. Banks are also not able to attract a significant part of the available domestic savings. As a result personal and corporate savings are being held outside of the formal financial system. The current tax legislation in Kyrgyzstan is another factor and causing mistrust for the banking sector. According to the legislation the tax inspectors have access to the deposit accounts of savers. The banking sector of Kyrgyzstan presents the common problems of banks in other transitional socialist economies. They are old fashioned and they do not have the institutional capacity to operate in a market oriented economy. Banks, in general, are not service oriented. The procedures are too long and the buildings of banks are not designed to service the daily transactions of the depositors and borrowers.

Suggested Citation

  • Hatice Jenkins, 1996. "Financial Sector Review for Kyrgyz Republic," Development Discussion Papers 1996-06, JDI Executive Programs.
    • Handle: RePEc:qed:dpaper:258
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    Cited by:

    1. Dastan ASEİNOV & Kamalbek KARYMSHAKOV, 2018. "Development of the Banking System in Kyrgyzstan: An Historical Review and Current Challenges," Sosyoekonomi Journal, Sosyoekonomi Society.

    More about this item

    Keywords

    Financial policy; central bank; banks; financial reforms; Kyrgyzstan; financing private enterprises; trade finance;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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