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Microcredit volume in Kyrgyzstan decreases by 5 billion soms over year

Microcredit volume in Kyrgyzstan decreased by 5 billion soms in 2016. The National Statistical Committee of the Kyrgyz Republic reported.

It is noted that in the last year various microcredit organizations issued loans of 13.3 billion soms. In 2015, this figure was 27.4 percent more and amounted to 18.3 billion soms.

The volume of microcredits in four regions of the country decreased by more than 60 percent. The growth in the volume of microcredit issuance increased only in Bishkek by 1.8 percent.

Most of all microcredits were issued in 2014 — at 30.5 billion soms. At the same time, the drop in microcredit in the country is connected with the fact that two microfinance organizations received bank licenses in 2015 and 2016. FINCA Bank CJSC and Bank Companion CJSC became commercial banks. Earlier, Bay Tushum company also became a bank.