AIFC Insights Publishes First 4-Country Capital Markets Study, Ranking Kazakhstan Top With $110 Billion Savings
Updated
Updated · Astana Times · Jun 19
AIFC Insights Publishes First 4-Country Capital Markets Study, Ranking Kazakhstan Top With $110 Billion Savings
1 articles · Updated · Astana Times · Jun 19
Summary
AIFC Insights released its first comparative capital-markets study covering Kazakhstan, Uzbekistan, Kyrgyzstan and Azerbaijan, identifying Kazakhstan as the region’s most developed market ecosystem.
More than $110 billion in sovereign savings and relatively mature infrastructure underpin Kazakhstan’s lead, while its bond market totals about $81 billion—roughly 43% of GDP.
Retail participation is also expanding in Kazakhstan: brokerage accounts reached 4.62 million at KCSD and 2.17 million at AIX’s depository, with retail investors making up 55.2% of secondary stock trading in the first nine months of 2025.
Elsewhere, Uzbekistan’s listed equities are worth about $22 billion but only $350 million is freely tradable, limiting liquidity; Kyrgyzstan’s 2025 trading volume hit $573.9 million by June, nearly double all of 2023.
Azerbaijan’s first-ever IPO in 2024 marked a milestone, but debt still dominates; the report says structural reforms, transparency and regional cooperation remain key to deeper capital markets across Central Asia and the Caucasus.