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    Financial Inclusion, Financial Regulation, Financial Literacy, and Financial Education in the KYRGYZ Republic

    Asian Development Bank Institute | July 2018
    Abstract
    This paper discusses recent developments in financial inclusion and financial literacy in Kyrgyz Republic. While financial inclusion is considered one of the key drivers of today’s development, it is quite new to Kyrgyz Republic. The first attempts to introduce the notion of financial inclusion arose after a violent power shift in 2010. The economy experienced an overall decline, the banking sector shrank, and financial intermediation slowed down. The National Bank introduced a number of regulatory measures to tighten the supervision of financial sector and increase consumer protection. Some of the efforts have worked well: the banking sector has rebounded, savings have been mobilized, and financial markets have started developing. However, national development patterns, such as unstable economic growth, a high poverty rate, and weak governance are the key vulnerabilities for increasing inclusivity of financial products and services. Income inequality, especially when comparing rural versus urban areas, is substantial and restricts access to financial services for the rural population. Small and medium-sized enterprises face barriers for getting sufficient financing because of high collateral requirements. The population has a low level of financial literacy and is reluctant to use modern financial services. Our analysis suggests that there is an urgent need for consolidated efforts to include more people and businesses into financial activities, mobilize their savings, and improve access to credit.
    Citation
    Asian Development Bank Institute. 2018. Financial Inclusion, Financial Regulation, Financial Literacy, and Financial Education in the KYRGYZ Republic. © Asian Development Bank Institute. http://hdl.handle.net/11540/8456.
    Keywords
    Economic Development
    Economic Infrastructure
    Economic Policies
    Regional Economic Development
    Microfinance Programs
    Public Finance
    Local Financing
    Financial Stability
    Financial Sector Regulation
    Public Financial Management
    Financial System
    Financial Statistics
    Foreign and Domestic Financing
    Financial Inclusion
    Enterprises
    Financial aid
    Economies in transition
    Local Finance
    Local Government
    Insurance Companies
    Banks
    Social Equity
    Pension Funds
    Mutual Funds
    Financial Aspects
    Fiscal Policy
    Social responsibility of business
    Accounting
    Personal budgets
    Cost and standard of living
    Bank accounts
    Credit control
    Regulatory reform
    Banks and banking
    Digital Financial Service
    Pension plans
    Individual retirement accounts
    Employee pension trusts
    Investment management
    Investments
    Multiemployer pension plans
    Keogh plans
    Individual retirement accounts
    Pension plans
    Employee pension trusts
    Pension trusts
    Investment companies
    International banks and banking
    Stock exchanges
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/8456
    Metadata
    Show full item record
    Thumbnail
    adbi-wp850.pdf (794.5Kb)
    Author
    Asian Development Bank Institute
    Theme
    Economics
    Finance
    Labor Migration
    Small Medium Business

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise