International Conference on Eurasian Economies

24-25 August 2021 – Istanbul, TURKEY and ONLINE

Paper properties

Paper ID : 2520
Status : Paper published
Language : Turkish
Topic : Finance and Financial Crises
Presenter: Asst. Prof. Dr. Dastan Aseinov
Session : 1B Finans ve COVID-19

The Impact of the Covid-19 Outbreak on the Banking Sector of Kyrgyzstan
Covid-19 Salgınının Kırgızistan Bankacılık Sektörü Üzerindeki Etkisi

• Assoc. Prof. Dr. Metin Bayrak (Kyrgyz-Turkish Manas University, Türkiye)
• Asst. Prof. Dr. Dastan Aseinov (Kyrgyz-Turkish Manas University, Kyrgyzstan)

Abstract

In the literature, the impact of the COVID-19 pandemic has been compared to the Great Depression of the 1930s, World War II, the 2008 Global Financial Crisis, or natural disasters. The COVID-19 outbreak has deeply affected the economies of countries. Almost every country has endeavored to implement remedial and precautionary packages in a way to overcome the effects of the epidemic with minimum damage in this process. As a result of the limitations and constraints applied according to this crisis, there is an economic crisis. The aim of this study is to research the impact of the COVID-19 outbreak on the banking sector of Kyrgyzstan. The comparative analysis in this study will be carried out using data on the pre-pandemic and pandemic periods of the banking sector. Our results show that the COVID crisis has negatively impacted the Kyrgyz banking sector, mainly in the form of problem loans. The COVID-19 pandemic did not create a serious problem in the form of a lack of liquidity and depreciation of capital. Based on our analysis, the acceleration of the digital transformation of the banking system can be indicated as a positive effect of the pandemic.

JEL codes: E44, G21, G29

Bayrak, Metin, Aseinov, Dastan (2021). "The Impact of the Covid-19 Outbreak on the Banking Sector of Kyrgyzstan" in Proceedings of International Conference of Eurasian Economies 2021, pp.197-205, Istanbul, TURKEY and ONLINE.

DOI: https://doi.org/10.36880/C13.02520

Full paper in PDF format.

Session 1B: Finans ve COVID-19