2003年-世界发展银行全球_Kyrgyz_Republic___Financial_Sector_Assessment_7页_613kb

报告摘要

The Kyrgyz financial system is dominated by commercial banks and non-bank financial intermediaries, with the latter being mostly donor-funded.
The total bank assets amount to about 7% of GDP, while non-bank financial intermediaries hold approximately 2.5% of GDP.
Capital markets, insurance, and pension sectors are underdeveloped and not systemically significant.
Despite the small size of the financial system, vulnerabilities could lead to disorderly bank exits, affecting depositors' confidence and private sector development.
Public confidence in commercial banks is low, and there is weak demand for current accounts due to limited payment services.

The Kyrgyz Republic is one of the more liberalized countries in Central Asia, having initiated comprehensive reforms post-independence.
The reforms included the introduction of the Som, divestiture of state assets, and building a modern financial and legal infrastructure.
The country is a WTO member since 1998.
Per capita GDP remains low, around US$308 in 2001, due to geographical isolation, limited natural resources, and dependence on gold and agriculture.
Macroeconomic performance has improved since 1998, with real GDP growth averaging 5.5% from 1996–2001, though it was expected to turn slightly negative in 2002.
Inflation has been brought under control, decreasing from 23.5% in 1997 to 2% in 2002.

Public external debt reached 94% of GDP in 2001, posing a major concern.
The debt accumulation was driven by large public investment borrowing, contingent liabilities from state guarantees, and the Russian financial crisis of 1998.
In recent years, the government has made progress in managing external debt, including the adoption of the Law on Public and Non-Public Debt and a comprehensive debt strategy supported by the Paris Club.
The fiscal deficit decreased from 9% of GDP in 2000 to 5% in 2001 and was expected to remain stable in 2002.
The government also signed a 3-year Poverty Reduction Grant Facility (PRGF) with the IMF and is working to modernize treasury operations.

There are 19 commercial banks in the Kyrgyz Republic, with the banking sector being small and fragile.
The sector has been recovering from the 1998 crisis, which caused inflation, devaluation, and the collapse of major institutions.
The Kyrgyz State owns two banks, SSC and Kairat, which together hold about 12% of total banking sector assets.
Despite progress, banks still face challenges in generating income and developing their product base.
Key issues include poor credit risk assessment, judicial uncertainties, and low demand for banking services.
Non-performing loans (NPLs) account for about 14% of total loans at end-2002, with larger banks having worse ratios due to sector concentration.
Some banks may have overstated their capital due to cross-shareholding.

The National Bank of Kyrgyz Republic (NBKR) is the main supervisory authority, with powers under the National Bank Law and Law on Banks and Banking Activities.
The NBKR has closed nine problem banks and introduced stricter capital requirements and CAMEL-based supervision.
On-site inspections are effective due to access granted by the Banking Law, but off-site supervision requires improvement.
The NBKR is implementing an automated data collection system to enhance off-site supervision.
Bank resolution remains a challenge due to legal and regulatory gaps, weak financial disclosure, and judicial corruption.

The legal and institutional framework for creditors' rights is inadequate and inefficient.
Collateral systems are underdeveloped, and enforcement procedures are slow and unreliable.
The Banking Law lacks requirements for independent internal auditors and direct reporting to the board.
The Law on Auditing restricts external auditors from sharing information with the NBKR or other enforcement agencies.
A new Law on Accounting, enacted in April 2002, aims to transition to IAS, but the country lacks sufficient professionals to implement it.

The Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) framework is weak.
Legal deficiencies include lack of criminal provisions, no mandatory suspicious transaction reporting, limited confiscation powers, and insufficient customer identification requirements.
The NBKR has drafted an AML law, which is a positive step forward.

The National Payments System is operated by the NBKR and includes a gross settlement and net clearing system.
It relies heavily on paper documents and lacks affordability and convenience.
The NBKR is developing a payments system reform strategy to introduce RTGS, a clearing system for small payments, a card clearing system, and a general ledger.
The goal is to improve payment efficiency and restore depositors' confidence.

NBFIs provide most of the credit to SMEs and rural borrowers, playing an increasingly important role.
Microfinance programs have about 33,000 customers, but interest rate subsidies distort the credit market.
A new Law on Microfinance Organizations was enacted in August 2002, granting MFIs the ability to collect deposits.
The NBKR is challenged to supervise and regulate this sector effectively.
Capital markets, insurance, and pension sectors are extremely small and require long-term development.

The Kyrgyz financial system faces structural weaknesses and developmental challenges, limiting bank intermediation and private sector support.
The FSAP mission has provided policy recommendations, which are integrated into the National Poverty Reduction Strategy.
The government has initiated measures to improve external debt management, supervision, governance, payment system reform, legal and judicial reforms, and AML/CFT framework.
The medium-term objectives include implementing payment system reforms, improving legal and judicial systems, developing the AML/CFT framework, and strengthening the microfinance sector.
Deposit insurance is considered a medium-term goal, contingent on improving bank soundness, supervision, and corporate governance.

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