Kazakhstan has been placed on J.P. Morgan’s Index Watch – Positive list for potential inclusion of its government bonds in the Government Bond Index – Emerging Markets (GBI-EM), following the bank’s 2026 index classification review, Qazinform News Agency reports, citing Kazakhstan’s Ministry of Finance.
Over the next 12 months, J.P. Morgan will review how easily international investors can access Kazakhstan’s government bond market, including through international clearing and settlement systems. The review will also assess the liquidity of government bonds eligible for inclusion in the index.
Kazakhstan’s positive watch status follows joint efforts by the Ministry of Finance and the National Bank to strengthen the government securities market, improve its infrastructure, and make Kazakh financial instruments more accessible to international investors.
The move represents further progress in connecting Kazakhstan’s government bond market with international capital markets. Inclusion in the index could help attract more foreign investors, boost liquidity, and lower borrowing costs. Earlier, Qazinform News Agency reported that Kazakhstan’s stock market capitalization had reached 50.2 trillion tenge as of September 1.