Uzbekistan sovereign bonds to join J.P. Morgan GBI-EM index

Uzbekistan's soum-denominated sovereign international bonds will be included in J.P. Morgan's Government Bond Index – Emerging Markets (GBI-EM) effective September 30, 2026. The announcement was made by the Uzbek Ministry of Economy and Finance.

Upon inclusion, Uzbekistan will become the only country in the Commonwealth of Independent States (CIS) to have its local-currency sovereign bonds included in the GBI-EM. This index serves as a major benchmark for international investors who manage over $300 billion in assets.

The move is expected to increase the visibility of Uzbekistan's debt market and broaden access to global investment flows. By expanding the circle of foreign investors, the country aims to reduce its reliance on foreign currency debt and lower the costs of attracting government loans.

In April 2026, Uzbekistan placed three-year sovereign bonds equivalent to $1 billion (12.2 trillion soums) at a 12.25% rate. This issuance was noted as one of the largest local-currency transactions in the Central and Eastern Europe, Middle East, and Africa regions over the past 15 years.