Kazakhstan expects inclusion in JPMorgan emerging markets bond index next year, central bank official says
TLT•Kazakhstan’s central bank expects the country’s government bonds to be included in the JPMorgan Emerging Markets Bond Index in 2027. The bank also aims to reduce gold to 75% of international reserves by year-end, from about 77–78%.
1. Index inclusion expected
Deputy chair Aliya Moldabekova said Kazakhstan’s government securities have a “very good chance” of joining the index next year. JPMorgan placed the bonds on a list of candidates last month and said it would continue assessing investor access to the market. Foreign investors held 2.8 trillion tenge ($6.21 billion) of Kazakhstan government bonds this year, while non-residents’ share reached 9% in early November, a decade high.
2. Deposit market changes
Kazakhstan raised the maximum rate on long-term, accumulative foreign-currency deposits to 2.5% from 1.0% last month. Moldabekova said no further liberalization is planned for now as the central bank assesses deposit trends.
3. Gold share target
The central bank aims to reduce gold’s share of reserves to 75% by year-end, from about 77–78% in recent years. Reserves fell 6.52% in September to $63.758 billion, including $51.432 billion in monetary gold. Moldabekova said the bank would reassess its approach as gold prices fluctuate and geopolitical tensions remain high.
