This Financial Sector Assessment (FSA)summarizes the structural and developmental aspects of the2006 FSAP Update report for the Kyrgyz Republic. Thestability and prudential oversight aspects of that report,including the factual updates of ROSCs and the results ofthe Anti Money Laundering and Combating the Financing ofTerrorism(AML/CFT) assessment, are summarized in theFinancial System Stability Assessment (FSSA) that wasdiscussed by the IMF Board, as part of the Article IVConsultation, in May 2007. This FSA should be read togetherwith the FSSA in order to get a full sense of the findingsand recommendations of the 2006 Kyrgyz Republic FSAP Update.The key conclusion of the FSAP Update is that key challengestoday pertain to the regulation, supervision and developmentof the non bank finance sector, and to access to finance.