Investment in the bonds issued by Kazakhstan’s finance ministry surged to a record USD 1 bln, including almost USD 400 mln from non-residents. This uptick is significant, considering that foreign investors had pulled out of Kazakhstan the previous year, partly in response to the invasion of Ukraine. According to the ministry, the increase in foreign portfolio investment into government securities has a positive impact as it allows for a reduction in borrowing costs by introducing an additional source of funding.