Kyrgyz Republic : Financial Sector Assessment
This report was based on the IMF-World
Bank Financial Sector Assessment Program (FSAP). It
examines the different aspects of the Kyrgyz financial
sector including the banking system, public external debt,
creditors, corporate governance, the payments system, non
bank financial institutions, and the capital markets. The
Kyrgyz financial system is dominated by commercial banks and
to a lesser degree by non-bank financial intermediaries that
are mostly donor funded. The banking system is small while
capital markets, insurance, and pension sectors are all
extremely small, if not embryonic, and not systemically
significant. In recent years, some progress has been made
in terms of consolidation and rationalization of the sector
and improvement of financial infrastructure, especially in
banking supervision and resolution. Weaknesses remain in
corporate governance and the legal and regulatory framework,
as well as in the judiciary. The system also suffers from a
severe lack of public confidence in commercial banks and
weak demand for current accounts due to a narrow range of
payments services. Vulnerabilities do not represent a
short-term threat to macroeconomic stability, especially if
compared with the high level of the country's public
debt, most externally held and denominated in foreign
currency, thus exposing Kyrgyz Republic to foreign exchange
risk. The FSAP mission prepared a number policy
recommendations, which have been incorporated in the
government's and the National Bank of the Kyrgyz
Republic's financial sector strategy section of the
National Poverty Reduction Strategy now under
implementation.
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Bibliographic Details
| Main Author: |
World Bank |
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| Language: | English
en_US |
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| Published: |
Washington, DC
2003-04
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| Subjects: | BANKING SYSTEMS,
FINANCIAL SYSTEMS,
PAYMENT SYSTEMS,
CORPORATE GOVERNANCE,
NONBANK FINANCIAL INSTITUTIONS,
EXTERNAL DEBT,
PUBLIC DEBT,
NATIONAL FINANCIAL POLICIES,
ACCOUNTING,
AUDITING,
AUTHORITY,
BANK ACCOUNTS,
BANK ASSETS,
BANK LENDING,
BANKING LAW,
BANKING SECTOR,
BANKING SERVICES,
BANKING SUPERVISION,
BANKING SYSTEM,
BANKRUPTCY,
BORROWING,
CAPITAL MARKETS,
CAPITAL REQUIREMENT,
CASH TRANSFERS,
COMMERCIAL BANKS,
CONSOLIDATION,
CONTINGENT LIABILITIES,
CORRUPTION,
CREDIT RISK,
DEPOSIT INSURANCE,
DEPOSITORS,
DEPOSITS,
DISCLOSING INFORMATION,
ECONOMIC GROWTH,
EXTERNAL AUDITORS,
FEDERAL RESERVE BANK OF BOSTON,
FINANCIAL CRISIS,
FINANCIAL INFORMATION,
FINANCIAL INFRASTRUCTURE,
FINANCIAL INSTITUTIONS,
FINANCIAL INTERMEDIARIES,
FINANCIAL REPORTING,
FINANCIAL RESOURCES,
FINANCIAL SECTOR,
FINANCIAL SECTOR DEVELOPMENT,
FINANCIAL SUPPORT,
FINANCIAL SYSTEM,
FISCAL,
FISCAL DEFICIT,
FISCAL POLICY,
FOREIGN DEBT,
FOREIGN EXCHANGE,
GOVERNMENT GUARANTEES,
GOVERNMENT SECURITIES,
INCOME,
INFLATION,
INFORMATION DISCLOSURE,
INSTITUTIONAL FRAMEWORK,
INSURANCE,
INTEREST RATES,
INTERNAL AUDIT,
JUDICIARY,
LEGAL ENTITIES,
LEGAL FRAMEWORK,
LEGAL INFRASTRUCTURE,
LEGISLATION,
LIQUIDATION,
MACROECONOMIC STABILITY,
MICROFINANCE,
MORTGAGES,
NATURAL RESOURCES,
NEW ENTRANTS,
PENALTIES,
PORTFOLIOS,
PRESIDENCY,
PRIVATE SECTOR GROWTH,
PROBLEM BANKS,
PROFITABILITY,
PUBLIC EXPENDITURES,
PUBLIC INVESTMENT,
RATIONALIZATION,
REAL SECTOR,
REGULATORY AUTHORITY,
REGULATORY FRAMEWORK,
RESERVE BANK OF AUSTRALIA,
REVENUE COLLECTION,
SAVINGS,
SECURITIES,
SHAREHOLDERS,
SHAREHOLDING,
STABILIZATION,
TIER 1 CAPITAL,
TRANSACTION COSTS,
TRANSPARENCY, |
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| Online Access: | http://documents.worldbank.org/curated/en/2003/04/2331031/kyrgyz-republic-financial-sector-assessment
https://hdl.handle.net/10986/14349
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