Against the backdrop of an overall increase in the external debt of the banking sector in the countries of the Eurasian Economic Union, it was the banks of Kyrgyzstan that showed the largest increase in borrowing.

As of January 1, 2025, the external debt of Kyrgyz banks amounted to $971.3 million, which is $228.9 million more than a year earlier. The growth rate was 30.8%, the highest among all countries of the union.

For comparison, in Kazakhstan, bank debt grew by 17.2% to $13.1 billion, in Armenia by 16.7% to $5.1 billion, and in Russia, despite its absolute leadership in terms of volume ($93.5 billion), growth was modest, at only 2.4%.

Only Belarus saw a decline in banking sector debt, by 22.8% to $4.25 billion.

Overall, the external debt of EAEU banks increased from $113.1 billion to $116.9 billion. This confirms the region's financial sector's dependence on external sources of capital.

Compared to other EAEU countries, the banking sector in Kyrgyzstan remains the least indebted, accounting for less than 1% of total external borrowing. However, Kyrgyz banks grew their external debt faster than others in 2024.