Uzbekistan bonds will be included in the GBI-EM index from September 30.

Uzbekistan's soum-denominated sovereign international bonds will be included in the J.P. Morgan Government Bond Index-EM (GBI-EM) starting September 30, 2026, according to the Ministry of Economy and Finance of Uzbekistan.

In 2026, Uzbekistan issued three-year sovereign international bonds worth the equivalent of US$1 billion, or 12.2 trillion soums, with an annual interest rate of 12.25%. According to the Ministry, this rate is, on average, 14 basis points lower than the domestic financial market rate.

This issue was recognized as the largest local currency transaction in the past 15 years in the Central and Eastern Europe, Middle East, and Africa region.

The GBI-EM is an index of emerging market government bonds denominated in their national currencies. According to the Ministry of Economy and Finance, this index is used by international investors managing assets worth over $300 billion. It currently includes 20 developing countries, 13 of which have investment-grade credit ratings.

With the inclusion of Uzbekistan's bonds, the country will become the only CIS country whose sovereign bonds in national currency are represented in the GBI-EM, according to the announcement.

The Ministry emphasizes that the inclusion of bonds in the index expands the potential investor base and creates additional opportunities for raising financing in national currency, as well as mitigating currency risks.

At the same time, the domestic government securities market is actively developing in Uzbekistan. The weighted average interest rate on government securities decreased from 17.1% in 2022 to 12.6% in the first half of 2026. The weighted average maturity over this period increased from 1.5 to 2.35 years.

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

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

The report also notes the development of infrastructure for foreign investors to access local securities. Specifically, in 2026, Raiffeisen Bank International launched custody services in the Uzbek market.