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 (FMI), developed by the International Monetary Fund (IMF). The analysis conducted for 2023 showed that along with positive trends in the growth of the number of financial institutions, the financial market of Kyrgyzstan is characterized by most of the problems of emerging markets. At the same time, the performance indicators of financial institutions characterizing the banking sector showed a negative trend. Based on the results of the analysis, a conclusion was made about the development of the financial market of Kyrgyzstan with its imbalance and a decrease in the efficiency of the credit segment, which is a key one. In general, there has been no significant improvement in most indicators of financial development, therefore, a noticeable change in Kyrgyzstan’s position in the IMF rating on the financial development index is not visible in the near future.
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Tashmurzaeva et al. (2024) studied this question.
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