Uzbekistan’s Soum Bonds to Join GBI-EM Index on 30 September

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s soum-denominated sovereign international bonds will be included in J.P. Morgan’s Government Bond Index – Emerging Markets (GBI-EM) from 30 September 2026, the Ministry of Economy and Finance of Uzbekistan said.

In 2026, Uzbekistan issued three-year sovereign international bonds worth the equivalent of US$1 billion, or 12.2 trillion soums, at an annual rate of 12.25%. According to the ministry, the rate was on average 14 basis points below the level of the domestic financial market.

The issuance was described as the largest local-currency transaction in the Central and Eastern Europe, Middle East and Africa region in the past 15 years.

GBI-EM is an index of local-currency government bonds issued by emerging markets. According to the Ministry of Economy and Finance, the index is used by international investors managing more than US$300 billion in assets. It currently includes 20 emerging markets, 13 of which have investment-grade credit ratings.

Following the inclusion of Uzbekistan’s bonds, the country will become the only CIS state whose local-currency sovereign bonds are represented in the GBI-EM, the ministry said.

The ministry noted that inclusion in the index will expand the potential investor base and create additional opportunities to attract local-currency financing and reduce currency risks.

Uzbekistan is also developing its domestic government securities market. The weighted average interest rate on government securities fell from 17.1% in 2022 to 12.6% in the first half of 2026. Over the same period, the weighted average maturity increased from 1.5 years to 2.35 years.

In the first half of 2026, medium-term government treasury bonds accounted for 69% of total issuance and 63% of trading volume on the secondary market.

According to the ministry, government treasury bonds accounted for 9% of the government debt structure, while the share of debt denominated in national currency reached 12.2%.

The ministry also noted the development of infrastructure to provide foreign investors with access to local securities. In particular, Raiffeisen Bank International launched custody services in Uzbekistan’s market in 2026.