Uzbekistan is taking another step toward deeper integration with international financial markets.
On 8 August 2026, the Ministry of Economy and Finance announced that J.P. Morgan will include Uzbekistan’s soum-denominated sovereign international bonds in its Government Bond Index Emerging Markets (GBI-EM), effective 30 September 2026.
For Uzbekistan, the significance is greater international visibility for its sovereign debt and another signal of the development of the country’s local-currency capital market.
What Is the GBI-EM?
The GBI-EM tracks government bonds issued by emerging-market economies in local currencies and is widely used by international investors allocating capital across emerging markets.
According to Uzbekistan’s Ministry of Economy and Finance, investors managing more than $300 billion in assets use the index in investment decisions.
In practical terms, inclusion places Uzbekistan on the radar of a broader group of institutional investors following emerging-market fixed income.
A Major Soum-Denominated Issue
The inclusion follows a significant 2026 sovereign issuance. Uzbekistan placed three-year soum-denominated sovereign international bonds worth UZS 12.2 trillion, approximately $1 billion equivalent, at an interest rate of 12.25%.
Issuing internationally in local currency is important because it can reduce foreign-exchange exposure within the public debt portfolio compared with borrowing entirely in foreign currencies.
The Ministry also reports that the share of local-currency debt in the public debt portfolio has reached 12.2%.
Why Investors Should Pay Attention
Index inclusion does not automatically guarantee major capital inflows or lower financing costs. It does, however, increase visibility and gives investment managers tracking or referencing the benchmark a stronger reason to analyse Uzbekistan’s sovereign debt market.
The development also comes alongside efforts to improve market infrastructure and international access to Uzbek securities.
For businesses, the story matters beyond government bonds. A deeper financial market can gradually broaden sources of capital, strengthen investment infrastructure and increase international familiarity with the country.
That makes GBI-EM inclusion another useful indicator when assessing how quickly Uzbekistan is integrating into the global investment system.
From 30 September 2026, Uzbekistan will have a more visible place within that system.
A Market That Is Becoming More Accessible
The GBI-EM announcement sits alongside broader changes in Uzbekistan’s government securities market. According to the Ministry, the weighted-average interest rate on government securities declined from 17.1% in 2022 to 12.6% in the first half of 2026, while average maturity increased from 1.5 years to 2.35 years.
Uzbekistan has also been improving infrastructure for foreign investors. In 2026, Raiffeisen Bank International launched custodian services in the country, adding infrastructure for safekeeping and settlement of local securities.
Benchmark inclusion and market infrastructure are different pieces of the same investment story: one increases visibility, while the other helps investors access and operate in the market.
GLOBAL CAPITAL IS LOOKING CLOSER.
For investors following Central Asia, the milestone also provides a clearer reference point for comparing Uzbekistan with other emerging-market sovereign issuers. Greater benchmark visibility can encourage more regular analysis of the country’s debt profile, market infrastructure and macroeconomic performance, even where individual investors do not immediately allocate capital.
Source: Ministry of Economy and Finance of the Republic of Uzbekistan — official announcement, 8 August 2026.