Presidential Decree to Boost Kyrgyzstan’s Stock Market

On November 17, 2022, the President of the Kyrgyz Republic, Sadyr Japarov, signed a decree “On measures for the further development of the stock market and exchange activities”.

To accelerate the development of the Kyrgyz Republic’s stock market and its digitalization process, increase access to financial instruments for citizens and entrepreneurs, create a favorable environment for investment inflow into the economy, and as part of the implementation of the National Development Program of the Kyrgyz Republic until 2026, guided by articles 66, 71 of the Constitution of the Kyrgyz Republic, it is resolved:

  1. To consider one of the priority directions in the development of the stock market of the Kyrgyz Republic as the strengthening of the institutional infrastructure of the stock market, the introduction of digital technologies, the expansion of the range of financial instruments, the creation of favorable conditions for investments, integration into the international financial market, and increasing the savings level of the country’s population.
  2. To establish that the closed joint-stock companies (hereinafter – CJSC) “Kyrgyz Stock Exchange” and “Central Depository” are system-forming national institutions implementing socially significant economic projects, including with the participation of the state, in launching the precious metals sector, commodity and raw materials sector, and the state securities sector to increase their competitiveness in the international financial market.
  3. The Cabinet of Ministers of the Kyrgyz Republic is to in the prescribed manner:
  • Update the Development Strategy of the Non-Banking Financial Market of the Kyrgyz Republic for 2021–2025, approved by the resolution of the Government of the Kyrgyz Republic dated May 4, 2021, No. 190, in terms of stock market development considering the designated priority directions and best international practices;
  • Complete the process of the state entering the capital of CJSC “Kyrgyz Stock Exchange” and CJSC “Central Depository”;
  • Develop a draft law that provides for amendments to the Law of the Kyrgyz Republic “On the securities market” regarding the operation in the financial market of the Kyrgyz Republic of a modern and internationally standard-oriented Central Securities Depository, as well as requirements for the supervision and control over its activities;
  • Create a favorable regulatory and legal base for simplifying the procedure for economic entities to enter the stock market;
  • Develop a project of individual investment accounts aimed at stimulating the population’s investment process in the country’s economy to increase the savings level;
  • Consider the possibility of providing brokerage services through the network of the open joint-stock company “Kyrgyz Post” in order to increase investors’ access from regions to financial instruments.
  1. The Cabinet of Ministers of the Kyrgyz Republic to work on issues aimed at:
  • Transferring the trade of government securities to the platform of CJSC “Kyrgyz Stock Exchange” and expanding the circle of trading participants and investors;
  • Conducting an initial public offering (IPO) on the platform of CJSC “Kyrgyz Stock Exchange” and the purchase of shares (at least five percent of shares) of national companies with state participation by the population, institutional and foreign investors through the stock exchange;
  • Issuing and placing financial instruments on the stock market to finance national projects and development projects;
  • Expanding the range of financial instruments traded on the stock market;
  • Swapping external government debt for projects on climate preservation and biodiversity, as well as issuing securities in the field of environmental protection, ecology, “green” economy, or development programs in the social sphere;
  • Creating conditions for simplified access to the stock market for promising startup projects;
  • Universalizing the trading platform of CJSC “Kyrgyz Stock Exchange” by expanding the range of traded financial instruments and covering corporate and government securities, goods and raw materials, precious metals;
  • Assisting in attracting international consultants and technical assistance to develop and strengthen the infrastructure of CJSC “Kyrgyz Stock Exchange” and CJSC “Central Depository”;
  • Improving corporate governance in joint-stock companies with state participation to enhance attractiveness and maintain the liquidity of corporate securities and shares;
  • Implementing digital technologies aimed at online trading of financial instruments, including on investment marketplaces;
  • Integrating the country’s stock market with international capital markets.
  1. The Cabinet of Ministers of the Kyrgyz Republic, together with the National Bank of the Kyrgyz Republic, to continuously work on increasing financial literacy, including encouraging savings and enhancing the attractiveness of national financial instruments.
  2. Recommend the Russian-Kyrgyz Development Fund, the Uzbek-Kyrgyz Development Fund, the Hungarian-Kyrgyz Development Fund, and other development institutions to actively participate as institutional investors in the stock market.


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