Share

Financial education in the Kyrgyz Republic

 

This page provides an overview of financial literacy in the Kyrgyz Republic and access to information relating to the country's financial education activities. The Kyrgyz Republic participated in phase I of the Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS) and is now one of the vife countries participating in the OECD/Russia Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS), phase II.

Financial literacy in the Kyrgyz Republic

The OECD conducted a financial literacy survey among adults in the Kyrgyz Republic in 2017 and published the results in 2018 (Levels of Financial Literacy in Eurasia, OECD, 2018). The average literacy score in the Kyrgyz Republic is 11.1 (out of a maximum of 21), according to the OECD methodology. In terms of measuring the financial knowledge, fewer than one in five adults (17%) in the Kyrgyz Republic achieved the minimum target score for knowledge (scoring 4 or more out of 7). Furthermore, 21% responded that they did not know the answer to four or more of the seven questions. Slightly more than a half of all respondents (52%) in the Kyrgyz Republic achieved the minimum score for financial behaviour (which is 6 of the 9 behaviours). Three out of 10 adults (30%) were not always paying bills on time, a larger proportion than in most of the other countries and even more were failing to keeping watch of their financial affairs (37%).. Two in five adults achieved the minimum target score for financial attitude (4 or above out of 5) in the Kyrgyz Republic.

 

The Kyrgyz Repuiblic's National Strategy for Financial Education

The Kyrgyz Republic is near completion of the implementation of its first national strategy for financial education. The National Programme on Increasing the Financial Literacy of the population of Kyrgyz Republic for 2016-2020” (National Programme) was approved by the Government of the Kyrgyz Republic in 2016. The national programme was developed recognising the important of financial literacy in the Kyrgyz context and the need for greater coordination of financial education initiatives. The priorities of the national strategy are focused on youth and schools. Key coordination role for the implementation of the national strategy lays with the National Bank. The Kyrgyz Republic has a financial education portal hosted by the National Bank (link

 

Kyrgyz Republic's participation in the project

Launched in 2017, the OECD-Russia Technical Assistance Project on Financial Education in the Commonwealth of Independent States (CIS) provides tailored guidance and technical support for the design, implementation and review of evidence-based financial education strategies and policies in CIS/Eurasian economies, including Armenia, Azerbaijan, Belarus, Kazakhstan, the Kyrgyz Republic, Uzbekistan and Tajikistan. As a follow-up of this project and in response to demand from the region, the Ministry of Finance of the Russian Federation extended its financial support for a phase II of this work for another three years, starting in 2020. This project covers five countries: Armenia, Belarus, the Kyrgyz Republic, Tajikistan and Uzbeksitan and is extended with Azerbaijan and Kazakhstan for some specific deliverables.

 

The Kyrgyz Republic has participated actively in the project since the beginning. The Kyrgyz Republic participated in the first data gathering survey run by the OECD in 2017 and is currently participating in a second follow-up survey. The National Bank of the Kyrgyz Republic co-hosted a National Conference and a series of workshops in August 2019. Additionally, experts from National Bank of the Kyrgyz Republic and Ministry of Education have been actively taking part in other events and conferences organised in the framework of the project. The Kyrgyz Republic is actively taking part in the organisation of peer-learning activities planned in the framework of the Phase II.

‌‌
Kyrgyzstan_CIS_visual

Project documents and links

The following documents produced within the framework of the project are either specific to the Kyrgyz Republic or contain a section relating the Kyrgyz Republic:

 

 

Related Documents