#MarketInsights 👍1

Uzbekistan's UZS-denominated sovereign bonds are in J.P. Morgan's GBI-EM index from 30 September Uzbekistan's UZS-denominated sovereign international bonds are included in J.P. Morgan's Government Bond Index – Emerging Markets (GBI-EM) from 30 September 2026, according to the Ministry of Economy and Finance. Uzbekistan is the only CIS country whose local-currency sovereign bonds are included in the index. International investors managing more than USD 300 billion use GBI-EM in their investment decisions. In 2026 Uzbekistan placed three-year sovereign international bonds of UZS 12.2 trillion,

Agrobank ended September 2026 with the lowest price-to-book ratio among listed banks, at 0.46, while Trustbank topped the ranking at 4.53 At the close on 30 September 2026, Agrobank traded at 0.46 times book value, the lowest ratio among banks listed on RSE “Toshkent”. In the ranking, Aloqabank followed at 0.67 and SQB at 0.77. Trustbank had the highest ratio at 4.53, ahead of Ipak Yuli Bank at 2.57. Price-to-book ratios follow return on equity. The five banks with the highest ratios earned between 22.7% and 33.0% on equity over the twelve months to the first half of 2026. Four of the five b