Banking Sector and Capital Market Development Program

Implementation of the program demonstrated that consistent government support is critical to success. The effective implementation of the banking sector component is attributable to the National Bank of the Kyrgyz Republic's (NBKR) strong commitment and ownership of the proposed reforms. In contrast, the capital market component lacked a clear champion as a result of political developments. Therefore, despite intensive policy dialogue, and awareness and capacity-building efforts, the pace of reforms did not proceed as well as anticipated.