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Kyrgyzstan is a country of 6 million people, boasting a largely services-oriented economy. This is the result of the country’s re-export policy by importing Chinese goods and re-exporting them to their neighbors, namely Russia and Kazakhstan. Additionally, Kyrgyzstan is home to the Kumtor gold mine, operated by Canadian-listed Centerra Gold and 33% owned by the Kyrgyz government, representing 10% of GDP in 2017. Kyrgyzstan also has a significant agricultural industry which supplies its neighbors with meat, dairy and produce. Kyrgyzstan offers immense tourism potential which could help the country offset its persistent balance of trade deficit, as well as decrease its reliance on the remittances from overseas Kyrgyz workers which represents 25% of GDP. Benefitting from its free-market operating environment and limited bureaucracy, Kyrgyzstan’s GDP is expected to average 4.5% through 2020.

Kyrgyzstan - GDP Growth Rate (%)
Kyrgyzstan - GDP Growth Rate (%)
Source: IMF
Kyrgyz Stock Exchange Index
The Kyrgyz Stock Exchange Index
Source: Kyrgyz Stock Exchange

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 19 companies with a market capitalisation of USD 1.2 billion as of April 2024.

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 again. Currently, there are 5 shareholders, among them “LLC Registrar of the Central Bank” and the “LLC Osh Commodity and Stock Exchange” and 15 brokerage companies.

Useful Links:

The Kyrgyz Stock Exchange (KSE) website -

The Stock Exchange of Kyrgyzstan (BTS) website -



Population: 6m

5 Year average GDP growth: 4.4%

  • Large agro-industrial complex
  • Eco-tourism potential
  • Liberal investment environment