Overview
Opportunities in the banking sector are growing, and there is high demand for U.S. banking products from the private and public sectors. Local companies and banks seek correspondent accounts with U.S. banks because many transactions are dollar denominated. Over 43 percent of deposits in Kyrgyz banks are dollar-denominated as of July 30, 2024. Banking options for transactions in dollars have decreased since the Russia-Ukraine war, with local banks having to switch from Russian correspondent banks to avoid violating international sanctions. Close ties between the Russian and Kyrgyz financial sectors continue to give some cause for caution. The United States sanctioned Kyrgyz bank Keremet in January 2025 and the UK sanctioned Capital Bank in August 2025. Kyrgyz commercial banks have worked to strengthen risk management, improve due diligence, and meet Financial Action Task Force (FATF) standards for countering money laundering and the financing of terrorism.
Opportunities
U.S. banks also can provide professional and consulting services to the government as it considers projects such as sustainability and social responsibility-linked bonds and Eurobonds. In 2024, the Kyrgyz Investment and Credit Bank (KICB) opened a correspondent account with Citibank. A lack of international correspondent accounts and the complexity of sanctions regimes increased Kyrgyz banks’ demand for financial advisory services. State-owned Eldik bank became the first bank in Central Asia to establish a direct participant agreement with China’s cross border payment system (CIPS) in 2025.