Ministry of Economy and Finance of the Republic of Uzbekistan

For reference, interest rates on Uzbekistan’s previous issuances of 3-year international bonds in national currency stood at 16.625 percent (UZS 3 trillion) in 2024 and 15.5 percent (UZS 6 trillion) in 2025.

In particular, on April 1, a global investor call was held with the participation of 32 major international investors from the United States, Europe, the United Kingdom, Asia, and the Middle East. During the call, detailed information was presented on the goals outlined in the “Uzbekistan–2030” Strategy, the outcomes of ongoing reforms, the current macroeconomic situation, and future plans.

Despite ongoing geopolitical tensions in the Middle East, Uzbekistan’s macroeconomic stability and consistent reform trajectory were positively assessed, including continued improvements in its sovereign credit rating.

Taking into account the strong interest from international investors in local currency instruments, the announcement was made on the same day to open the order book for Uzbekistan’s sovereign international bonds denominated in Uzbek soum.

Over the course of the day, nearly 50 foreign investors submitted orders totaling UZS 23.4 trillion—approximately four times higher than the initially announced volume—at an indicative yield of 12.5 percent.

As a result of this strong demand, 3-year sovereign international bonds in the amount of USD 1 billion equivalent (UZS 12.2 trillion) were successfully placed at a rate of 12.25 percent, which is on average 14 basis points lower than yields in the domestic financial market.

Amid global uncertainty, several issuers in the region have been placing local currency international bonds at higher interest rates. Against this backdrop, Uzbekistan’s issuance stands out as a notable achievement.

These sovereign international bonds denominated in Uzbek soum represent the largest local currency transaction in Central and Eastern Europe, the Middle East, and Africa (CEEMEA) over the past 15 years.

Additionally, these bonds are being considered for inclusion in the Government Bond Index – Emerging Markets (GBI-EM). Inclusion in this index could facilitate access to a new pool of investors managing approximately USD 300 billion in assets and contribute to further reductions in borrowing costs.

Currently, the index includes sovereign bonds from 14 countries, including China, Turkey, Hungary, Brazil, Mexico, Malaysia, Poland, and South Africa.

At the same time, this issuance is expected to pave the way for other Uzbek issuers to access global financial markets with local currency instruments on more favorable terms.

Proceeds from the placement of the international bonds will be directed toward financing the State Budget deficit, in accordance with the Law of the Republic of Uzbekistan “On the State Budget of the Republic of Uzbekistan for 2026” (No. LRU-1105 dated December 25, 2025).

PR and Communications Department

Ministry of Economy and Finance