Uzbekistan govt bond issuance doubles from 2023 to 2025

Uzbekistan has sharply increased its bond market activity, with government bond issuance doubling from UZS 21.3 trillion ($1.76bn) in 2023 to UZS 42.2 trillion ($3.50bn) in 2025, according to Avesta Investment Group. Tashkent has become increasingly reliant on local-currency borrowing to finance a widening fiscal deficit, reducing dependence on external debt while building a domestic yield curve. The sharp uptick reflects the Central Asian country's strategy to tap domestic capital markets amid growing budget pressures.