ASTANA – Kazakhstan’s government securities have been placed on J.P. Morgan’s Index Watch – Positive list for potential inclusion in the Government Bond Index – Emerging Markets (GBI-EM), marking further progress in integrating the country’s government securities market into international capital markets.
The status was assigned as part of J.P. Morgan’s 2026 index classification review. Over the next 12 months, the Finance Ministry said it will assess international investors’ access to Kazakhstan’s government securities market, the ministry reported on Oct. 8. The review will include investors’ access through international clearing and settlement infrastructure, as well as the liquidity of bonds meeting the index’s eligibility criteria.
The move reflects joint efforts by Kazakhstan’s Ministry of Finance and National Bank to develop the government securities market, strengthen market infrastructure and improve international investors’ access to Kazakh financial instruments. Placement on the positive watchlist marks a new stage in assessing Kazakhstan’s potential inclusion in the GBI-EM.
If Kazakhstan’s government securities are ultimately included in the index, the move could broaden the country’s foreign investor base, support greater market liquidity and help reduce borrowing costs. The GBI-EM is a widely followed benchmark for local-currency government bonds issued by emerging-market economies.