KYRGYZSTAN: creation of a rating agency within the EAEU is being discussed

11 September 2023 — Marina MAGNAVAL
The Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic (Finnadzor) is taking part in the discussion on creation of a rating agency within the EAEU (Eurasian Economic Union), according to the Service’s website.

On September 8, 2023, a meeting was held to discuss the feasibility of creating a rating agency within the EAEU, as well as further development of the draft Concept for creating a rating agency.

It is noted that creation of a rating agency will increase the level of financial independence of the countries of the Eurasian region, will contribute to an increase in mutual investments, and will also eliminate a few sensitive obstacles in the internal market of the Union.

The demand for ratings will be generated by participants in the money, foreign exchange and stock markets, investors, and issuers of securities, including the governments of the EAEU member states when placing government bonds, insurance organizations, and pension funds.

In the future, it is necessary to determine the conditions, directions (recognition of national rating agencies or creation of a supranational rating agency) and timing of the formation of the rating industry, considering the real needs and level of development of the financial market.