This report provides an overview of the government bond market in Uzbekistan in 2025. It examines issuance volumes, maturity structure, and yield dynamics in the domestic sovereign debt market. The analysis highlights declining yields, increasing medium-term borrowing, and improving market stability.

Key Insights

• Government bond issuance in Uzbekistan increased in 2025.

• The maturity structure shifted toward medium-term bonds.

• Market volatility decreased compared with 2024.

• Domestic debt management became more strategic.