According to the report by the Astana International Financial Centre (AIFC) titled 'Capital Markets of Kazakhstan, Uzbekistan, Kyrgyzstan, and Azerbaijan: Prospects and Trends,' the total market capitalization of the Uzbek stock market is approximately $22 billion. Meanwhile, the country's nominal gross domestic product increased from $66.4 billion in 2020 to $115 billion in 2024.
The development of the Uzbek capital market is taking place within the framework of a state privatization program that includes the 'People's IPO' initiative. Nevertheless, the ratio of listed company capitalization to GDP remains low by international standards, having decreased from 16.4% in 2020 to 6.7% in 2024, which the authors attribute to the early stage of market development.
The report notes that the debt market is the most active segment of Uzbekistan's domestic capital market. In 2025, the government issued sovereign Eurobonds worth $1.5 billion, primarily to finance the budget deficit and support mortgage lending. Total public and state-guaranteed debt reached approximately 32.6% of GDP by the end of 2024.
Oversight of the capital market is consolidated by the National Agency for Advanced Projects of the Republic of Uzbekistan, which acts as the authorized body for securities market regulation, licensing, and development. The authors also draw attention to the regulatory sandbox regime introduced to test new financial products.
Among the key events of 2025 highlighted in the report is the appointment of Franklin Templeton as the manager for the National Investment Fund of Uzbekistan, whose portfolio includes 18 state-owned enterprises. The debut listing of a corporate bond by Navoi Mining and Metallurgical Combinat and the preparation of a similar bond program by Almalyk Mining and Metallurgical Combinat are also noted.
According to the report, Kazakhstan has the most developed capital market architecture among the four countries. The country's nominal GDP reached $291.2 billion in 2024, and the government aims to increase this figure to $450 billion by 2029.
The country has an institutional feature—the coexistence of two exchanges: the Kazakh Stock Exchange, operating under national civil law, and the Astana International Exchange, functioning on the principles of English common law within the jurisdiction of the Astana International Financial Centre.
The total volume of outstanding bonds in Kazakhstan amounted to about $81.4 billion, or approximately 43% of GDP, as of the end of September 2025. The number of retail brokerage accounts grew from 103,000 in 2020 to 2.17 million in the Central Securities Depository of the Astana International Exchange and 4.62 million in the Central Securities Depository of Kazakhstan as of September 2025; private investors accounted for over 62% of the secondary stock market turnover in 2024. Meanwhile, the National Bank of Kazakhstan raised the base rate to 18% in October 2025 amid renewed inflationary pressure.
The report also points to several large initial public offerings (IPOs) of state companies, including Kazatomprom, KazMunayGas, and Air Astana, which contributed to expanding the base of private investors. Kazakhstan is currently classified by FTSE Russell as an emerging market.
In Kyrgyzstan, the capital market is in the formation stage, where the banking sector plays a leading role in financing the economy. The country's nominal GDP was $17.4 billion in 2024, with a projected growth to $28.2 billion by 2030. As of September 2025, 23 issuers traded on the Kyrgyz Stock Exchange with a total market capitalization of about $2.6 billion.
The report authors note a noticeable acceleration in market activity in 2024–2025: trading volume on the Kyrgyz Stock Exchange reached $573.9 million by early June 2025, exceeding the entire year of 2023. The main growth was driven by primary placements of government securities, while secondary market liquidity remains low. In 2025, the government expanded the exchange's regulatory framework by introducing electronic submission of documents for listings and providing access to foreign issuers.
Azerbaijan's capital market operates in an economy where the oil and gas sector remains dominant. The country's nominal GDP grew from $42.7 billion in 2020 to $74.3 billion in 2024. A key moment for the stock market was 2024, when the country conducted its first public offering and launched remote trading of stocks in the secondary market.
As of October 2025, seven companies completed initial public offerings, raising a combined total of about $340 million and contributing to the increase of the Baku Stock Exchange's total market capitalization to $18.4 billion. The Baku Stock Exchange's development strategy for the period 2024–2026 envisages growth in bond placements by state enterprises, institutional investors, and corporate issuers.
The report authors also note that foreign institutional investors increased their investments in Azerbaijani securities by 78% against the backdrop of partial easing of currency restrictions by the Central Bank of Azerbaijan and increased regulatory transparency.
According to data from the National Statistical Committee, the volume of investment in fixed capital in Uzbekistan for the period from January to June 2026 amounted to 338.9 trillion soums, with the indicator showing a growth of 17.5% compared to the same period last year.
Foreign investments and unsecured foreign loans accounted for the largest share of the financing structure, reaching 235.6 trillion soums. Own funds of enterprises provided for the use of investments amounting to 38.6 trillion soums.
Additionally, foreign loans guaranteed by the Republic of Uzbekistan totaled 23.4 trillion soums, and household funds amounted to 19 trillion soums. A total of 16 trillion soums was allocated from the republican budget for fixed capital investments.
Other sources of financing included commercial bank loans and other borrowed funds, which amounted to 4.8 trillion soums, as well as funds from the Reconstruction and Development Fund, reaching 1.4 trillion soums.
According to the Central Bank, the total assets of the banking system of Uzbekistan reached 1,005.8 trillion soums as of July 1, 2026. This figure demonstrates an 18% growth compared to the same period last year.
The regulator reported that the total volume of the banks' loan portfolio increased by 12% year-on-year, amounting to 642.8 trillion soums. Meanwhile, the aggregate capital of the banking system grew by 19%, reaching 148.9 trillion soums.
Deposits showed the most significant increase. Their total volume increased by 118 trillion soums over the year, reaching 473.8 trillion soums, which corresponds to an annual growth of 33%. The Central Bank attributed this dynamic to increased demand from both households and enterprises for bank products in deposits and loans.
At the same time, the regulator noted a further decrease in the share of foreign currency across key indicators of the banking sector. The share of assets denominated in foreign currency decreased from 40% to 35%. Similarly, the share of loans in foreign currency decreased from 42% to 39%, and the share of deposits in foreign currency reduced from 24% to 19%.
