Kyrgyzstan
Kyrgyzstan is a country of over 7 million people, boasting a services and agrarian-focused economy. Remittances play a large role in the economy, representing approximately 30% of GDP from overseas workers, mainly in Russia and Kazakhstan. Additionally, Kyrgyzstan is home to the Kumtor gold mine, which is a key contributor to GDP and a generator of foreign exchange revenues for the country. Kyrgyzstan also has a significant agricultural industry which supplies its neighbours with meat, dairy and produce. Furthermore, the country offers immense tourism potential, which could help the country offset its persistent balance of trade deficit, as well as decrease its reliance on remittances.
Kyrgyzstan - GDP Growth Rate (%)
Kyrgyz Stock Exchange Index
Stock Market:
Two Stock Exchanges currently operate in Kyrgyzstan: the “Kyrgyz Stock Exchange” (KSE) and the “Stock Exchange of Kyrgyzstan” (BTS).
The Kyrgyz Stock Exchange (KSE) was founded in 1994, and the first stock auction took place in May 1995 as part of the government’s privatisation of state-owned enterprises. In May 2000, the KSE became a joint stock company, and during the same year, Turkey’s Borsa Istanbul became a shareholder of the KSE, followed by the Kazakhstan Stock Exchange in 2001. Currently, the KSE lists 23 companies with a market capitalisation of USD 2.6 billion as of September 2025.
A group of broker-dealers established the CJSC Exchange Trading System in 1999. It became the second stock exchange in Kyrgyzstan after the dissolution of the USSR and was created without foreign involvement, relying solely on the efforts of local stock market operators. On 5th March 2011, the CJSC “Stock Exchange of Kyrgyzstan-BTS” and CJSC “Kyrgyz Stock Exchange” (KSE) concluded an agreement on the consolidation of trading in securities on a single stock exchange. In this regard, trades in securities were held on the trading floor of the single exchange “KSE”. However, in July 2022, the trading in securities on the Stock Exchange of Kyrgyzstan (BTS) resumed. There were 5 shareholders, among them “LLC Registrar of the Central Bank” and the “LLC Osh Commodity and Stock Exchange” and 15 brokerage companies, but according to the website, it seems that BTS stopped operating again at the end of August 2023.
Useful Links:
The Kyrgyz Stock Exchange (KSE) website: www.kse.kg
The Stock Exchange of Kyrgyzstan (BTS) website: en.bts.kg
KYRGYZSTAN
Population: 6m
5 Year average GDP growth: 4.4%
- Large agro-industrial complex
- Eco-tourism potential
- Liberal investment environment
