AIFC Report Maps Capital Market Trends Across Four Eurasian Economies

Kazakhstan boasts the most developed capital market ecosystem among four Eurasian economies studied, according to a new report by AIFC Insights. The comprehensive study, which also examines Uzbekistan, the Kyrgyz Republic, and Azerbaijan, highlights Kazakhstan's strengths, including over $110 billion in sovereign savings and a relatively mature market infrastructure. The report analyzes market structures, regulatory frameworks, and investment trends across these nations, while pinpointing shared obstacles that impede broader capital market growth in the region.

"This report provides an overview for stakeholders, including investors, financial institutions, regulators, industry experts, and market participants, who seek to understand the dynamics shaping capital markets in Central Asia and the Caucasus," stated AIFC Governor Renat Bekturov. He emphasized that structural reforms, growing macroeconomic resilience, and increasing global integration are transforming capital mobilization and investment across the region. Bekturov underscored regional cooperation, transparency, and investor confidence as crucial for capital market development.

“

This report provides an overview for stakeholders, including investors, financial institutions, regulators, industry experts, and market participants, who seek to understand the dynamics shaping capital markets in Central Asia and the Caucasus.

The report reveals a growing role for retail investors in Kazakhstan's capital market. By the end of September, the number of brokerage accounts reached 4.62 million at the Kazakhstan Central Securities Depository and 2.17 million at the Astana International Exchange's Central Securities Depository. In 2025, retail investors accounted for 62.1% of secondary stock market trading volume, a figure that remained high at 55.2% for the first nine months of 2025. Stock trades surged to 4.5 million during this period, compared to 3.6 million for the entirety of 2024.

The debt market remains a cornerstone of Kazakhstan's economy, with corporate and government bonds totaling approximately $81 billion, or about 43% of GDP, by the end of September. In contrast, Uzbekistan's market capitalization for listed equities stands at roughly $22 billion, but the value of shares available for public trading is limited to an estimated $350 million, impacting secondary market depth and liquidity. Kyrgyzstan's stock exchange saw trading volume reach $573.9 million by June 2025, nearly doubling its 2023 total, with 23 issuers listed and a market capitalization of approximately $2.6 billion as of September 2025. Azerbaijan's capital market marked a milestone with its first-ever IPO in 2024, though the hydrocarbons sector continues to dominate its economy.

“

Structural reforms, growing macroeconomic resilience, and increasing integration with global financial systems are reshaping how capital is mobilized, allocated, and invested across the region. At the AIFC, we view regional cooperation, transparency, and investor confidence as essential foundations for capital market development.