Foreword

The National Bank of the Kyrgyz Republic expressed interest in working with the Organisation for Economic Co-operation and Development (OECD) on an analysis of household savings and investment behaviour. Ultimately, it wanted this analysis to help the Kyrgyz banking sector embed climate change into financial decisions and macroeconomic analysis. The bank monitors several indicators of financial sector breadth such as branch, automated teller machines and deposit penetration. Savings behaviour and the particular demands of the Kyrgyz population for financial products and services, however, are still little understood.

This report presents findings from a survey conducted among 1 000 households in the Kyrgyz Republic in 2019. The research aimed to identify needs and demand from potential and existing clients of Kyrgyz financial institutions for financial instruments and solutions to promote sustainable development. The study results will be used to help implement the National Sustainable Development Strategy of the Kyrgyz Republic 2018-2040 and help inform the main directions of the banking system and medium-term strategies for 2022-2025.

Isabella Neuweg (OECD) wrote this report and interpreted the survey results. Takayoshi Kato (OECD) conceptualised and helped design the household survey. Krzysztof Michalak (OECD) provided overall guidance. The household survey was carried out by SIAR Research and Consulting. The author would like to thank in particular the National Bank of the Kyrgyz Republic and especially Bakyt Tynaliev and Zhyldyz Sulaimanbekova for their continuous support in the implementation of this project, as well as their intellectual contributions. The author would like to thank Maya Lalieva for her comments on Chapter 2 and for her help during project implementation. The author is also grateful to Luiza Mamarasulova from the International Finance Corporation for her expert review of the report and her helpful insights. The author thanks Elnura Ibraeva for her continuous support and her professionalism throughout the study and Ainoura Sagynbaeva for her feedback on the report (both SIAR Research and Consulting). The author also thanks the Union of Banks of Kyrgyzstan for highlighting their work on sustainable finance. The report greatly benefited from expert reviews and valuable suggestions from colleagues at the OECD Secretariat that have made the report more focused, clearer and more readable: Krzysztof Michalak, Cecilia Tam, David Simek, Jean-Francois Lengelle, Mikaela Rambali and Guy Halpern. The author is grateful to conference participants at the Sixth Annual Life in Kyrgyzstan Conference 2020 for their comments and to the conference organisers for the opportunity to present the study. The author is very thankful to Maria Dubois, Mark Foss, Lupita Johanson and Jonathan Wright for editing assistance.

This work was financially supported by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety, and implemented under the GREEN Action Task Force hosted by the OECD.

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