Kyrgyzstan Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in Kyrgyzstan, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals.
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Kyrgyz Republic - Trade Financing
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Methods of Payment

Medium-to-large companies use bank transfers as the primary method of payment, while small businesses and consumers primarily use cash. In Bishkek, credit and debit cards are widely accepted. E-wallets are emerging in popularity and are integrated in local markets, including in bazaars. The most popular e-wallets are MBank, O!Dengi, and BakAi, which allow money to be transferred by telephone number, card number, or QR code. The government debt market is small and limited to short maturities, though Kyrgyz bonds are available for foreign ownership. Broadly, credit is allocated on market terms, but with introduced market distortions. In May 2024, Moody’s outlook on the Kyrgyz Republic’s sovereign credit rating changed from negative to stable, keeping the rating at B3 and, in July 2025, the rating went from stable to positive. Bank loans remain the primary source of private sector credit, and local portfolio investors often highlight the need to develop additional financial instruments. International financial institutions often finance large infrastructure projects when foreign companies are involved. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide. 

Foreign Exchange Controls

Foreign residents and non-residents are permitted to buy or sell foreign exchange, but the government can impose limits on transactions. Banks are permitted to request certification of funds for transaction exceeding $11,900 dollars. The NBKR conducts weekly inter-bank currency auctions, in which competitive bids determine market-based transaction prices. Banks usually clear payments within a single business day. With occasional exceptions in the agricultural and energy sectors, barter transactions have largely been phased out. 

Banking System

As of October 1, 2025, there were 21 commercial banks in the Kyrgyz Republic, with 305 branches operating throughout the country. The five largest banks, Ayil Bank, Mbank, Eldik Bank, Demir Bank, and Bakai Bank, comprise nearly 59.8 percent of the total market. State-owned banks Ayil Bank and Eldik Bank hold 31.7 percent of assets.  No U.S. bank operates in the Kyrgyz Republic. With the exception of KICB’s correspondent relationship with CitiBank, Kyrgyz banks do not maintain correspondent accounts with U.S. financial institutions, complicating dollar-denominated payments or payments to U.S. entities. There are eight completely foreign-owned banks operating in the Kyrgyz Republic: Demir Bank, National Bank of Pakistan, Halyk Bank, Optima Bank, Finca Bank, and Kompanion Bank. Other banks are partially foreign held, including KICB and Kyrgyz-Swiss Bank. KICB is owned by the Aga Khan Fund for Economic Development (72 percent), Habib Bank Limited (18 percent), and the Kyrgyz Government, via the State Property Fund (10 percent).

The Kyrgyz banking system remains well capitalized with still sizeable, non-performing loans (NPLs). NPLs decreased from 12.8 percent to 9.2 percent in 2023. Net capital adequacy ratio decreased from 25.6 percent to 24.8 percent in 2023. Total assets in the Kyrgyz banking system in 2023 equaled approximately $6.9 billion. Around thirty percent of private loans are dollar denominated. 

The micro-finance sector in the Kyrgyz Republic is robust, representing nearly 10 percent of the market size of the banking sector. Trade accounted for 28.7 percent of the total loan portfolio of the banking sector, followed by consumer loans (21.6 percent) and agriculture (16.3 percent). The microfinance sector in the Kyrgyz Republic is rapidly growing. In 2023, around 121 microfinance companies, 81 credit unions, 423 pawnshops, and 609 currency exchange offices operated in the country. Over the last five years, the three largest microfinance companies (Bai-Tushum, FINCA, and Kompanion) transformed into banks with full banking licenses.

To access Kyrgyz Republic ICS section on financing, visit the U.S. Department of State Investment Climate Statement website.

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