BISHKEK, Kyrgyzstan, January 13. The Eurasian Development Bank (EDB) has reported a 37.6 percent year-on-year increase in the calue of new loans issued in Kyrgyzstan from January through November 2024, Trend reports.
The growth has been fueled by a surge in both consumer and trade-related loans, with nearly 45 percent of the uptick coming from a boost in consumer loans and 22 percent from trade loans.
The share of loans in foreign currencies remained stable at 16.6 percent of the total volume of new loans issued during the period, matching the level observed in 2023. The weighted average interest rate on new loans also saw a decline, dropping to 17.4 percent in November from 18.48 percent in January 2024.
According to the EDB, the expansion of consumer lending has been a key factor in stimulating domestic demand, which in turn played a significant role in driving Kyrgyzstan’s economic growth in 2024.
As of September 30, 2024, there were 21 commercial banks and 305 branches of commercial banks operating in Kyrgyzstan. Five commercial banks provided services based on Islamic banking principles and financing in both national and/or foreign currencies.
