The banking system of Kyrgyzstan has demonstrated unprecedented growth: by the end of November 2025, the total assets of the country's commercial banks reached a record 1 trillion 181.8 billion soms (approximately $13.5 billion). Since the beginning of the year, this figure has increased by a record 44.9%, indicating a rapid scaling of the republic's financial sector.
This powerful surge—amounting to over 366 billion soms in less than a year—was accompanied by an increase in liabilities to 964.3 billion soms (+40.8%). This trend reflects a high level of confidence among the population and businesses, who are actively placing funds in deposits. The sector's net profit for the 11-month period reached an impressive 29.97 billion soms.
Comparison with Regional Neighbors
Despite the internal record, Kyrgyzstan's banking sector remains significantly smaller than the systems of Kazakhstan and Uzbekistan; however, it outpaces them in terms of asset growth rates in 2025.
| Country | Asset Volume (Approximate) | Growth in 2025 | Sector Features |
| Kyrgyzstan | $13.5 billion | ~45% | High dynamics, 21–23 banks, focus on retail deposits. |
| Uzbekistan | $55–60 billion | ~15-20% | Active privatization of state banks and development of Islamic finance. |
| Kazakhstan | $120–130 billion | ~12-15% | The largest and most mature market, dominance of digital ecosystems. |
Analytical Context
The growth of Kyrgyz banks in 2025 appears anomalously high compared to its neighbors. While the sectors in Kazakhstan and Uzbekistan are growing at moderate rates driven by economic lending, the drivers in Kyrgyzstan have been not only internal deposits but also the expansion of cross-border operations and an increase in the number of players—as of today, 23 commercial banks are operating in the country.
However, in absolute terms, Kazakhstan's banking system remains nearly 10 times larger than Kyrgyzstan's, and Uzbekistan's is nearly 4.5 times larger. This highlights the potential for further growth and market consolidation in Kyrgyzstan.
CentralasianLIGHT.org
January 21, 2026