Government securities doubled their turnover on the stock exchange, but still account for a small share

Trading in government securities on the Kyrgyz Stock Exchange more than doubled in the first eight months of 2025, but their share of total trading volume remains modest.

The government securities market on the exchange is relatively new. Trading began in May 2023. At present, two instruments are available to investors: 2-year treasury bonds and 12-month treasury bills.

According to the KSE, from January to August 2025, the volume of transactions with government securities reached 5.62 billion KGS. For comparison, a year ago the figure was only 2.57 billion KGS.

In total, during this period, 1,711 transactions worth 163.87 billion KGS were concluded on the exchange, which is significantly higher than in 2024 (93.74 billion soms and 1,200 transactions). Thus, the share of government securities in the trading structure amounted to 3.4% against 2.7% a year earlier.

It is noteworthy that over 5 billion KGS were raised through only 64 transactions. On average, each of them amounted to about 87.8 million soms. This indicates that large companies and financial institutions remain the main buyers of treasury securities.

Earlier, Akchabar wrote that banks own more than a third of Kyrgyzstan's domestic public debt. This confirms their key role in the development of the government securities market.