On April 1, the Republic of Uzbekistan achieved a historic result in the placement of its largest national currency sovereign international bonds on the world financial markets. According to the Ministry of Economy and Finance, this operation was carried out for the equivalent of 1 billion US dollars, and the set interest rate fell to a historical low of 12.25%.
For a brief comparison, it can be said that in 2024 the interest rate on 3-year national currency bonds of Uzbekistan was 16.625% (3 trillion soums), and in 2025 it was 15.5% (6 trillion soums). Compared with these indicators, the new rate is distinguished by significant economic benefits and effective conditions.
This major project in the international currency markets was implemented through a global audio conference with the participation of 32 major investors. After that, orders totaling 23.4 trillion soums were received from almost 50 foreign investors, which is 4 times higher than the initial announcement.
As a result, 3-year sovereign bonds worth 1 billion dollars (12.2 trillion soums) were issued at an interest rate of 12.25%. This is an average of 14 basis points lower than the domestic financial market. The proceeds will be used to cover the state budget deficit for 2026 and finance socio-economic areas.
According to officials, these sovereign bonds are the largest national currency transaction in the Central and Eastern Europe, the Middle East and Africa region in the last 15 years. The bonds are also being considered for inclusion in the “GBI – EM” index (The Government Bond – Emerging Market Index). This inclusion in the index will attract new international investors with $300 billion in assets under management and provide additional interest benefits in the future.
That is, Uzbekistan has increased its influence in international financial markets and set a new record in stabilizing its economy through bonds in the national currency. This major operation not only creates economic stability, but also an attractive opportunity for investors.
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