Bishkek (TDI): Kyrgyzstan experienced a remarkable surge in the export of financial services in 2023, with volumes increasing sixfold compared to the previous year, as reported by the National Statistical Committee.
This substantial growth reflects Kyrgyzstan’s expanding influence in the financial services sector, driven by a combination of factors including increasing demand, improved regulatory frameworks, and the country’s growing integration into regional markets.
In 2023, Kyrgyzstan exported financial services worth $130 million, representing a sharp increase of $109 million from the previous year.
This sixfold rise marks a significant leap from 2022, when financial service exports stood at just $21 million.
The dramatic growth showcases the evolving role of Kyrgyzstan’s financial sector as a vital contributor to the country’s economy.
The share of financial services in Kyrgyzstan’s overall export of services also saw a significant increase.
In 2022, financial services accounted for just 1.5% of the total services export market.
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However, by 2023, this figure had risen to 5%. This growth underscores the sector’s increasing importance, as Kyrgyzstan diversifies its exports away from traditional goods and moves toward high-value services.
In addition to the rise in financial services, Kyrgyzstan also saw a notable boost in its insurance services exports.
The volume of insurance services exported grew fourfold in 2023, reaching $9 million, compared to significantly lower levels in 2022.
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This growth reflects the increasing development of the insurance sector, which has benefitted from regulatory reforms aimed at boosting the industry’s competitiveness and aligning it with international standards.
Several key factors contributed to the dramatic rise in Kyrgyzstan’s financial services exports in 2023.
