Tashkent hosts discussion on development of capital markets

Tashkent, Uzbekistan (UzDaily.com) -- A seminar on development of capital markets of Uzbekistan was held in Tashkent on 26 June on the joint initiative of the International Finance Corporation (IFC), a member of the World Bank Group and the Central Bank of Uzbekistan.

The event was part of a joint effort to create a liquid, transparent and efficient stock market in the country, regulated by the state and integrated into the world market.

The event provided an opportunity to overview of the development of international capital markets and the experience of other countries, discussed prospects and development of capital markets in Uzbekistan, as well as various instruments, including secured bonds and access to the international clearing system.

In addition, attention was paid to the development of a regulatory and legal framework for ensuring the functioning of capital markets, reducing risks and increasing the investment potential of the national stock market.

The event was attended by representatives of the Central Bank of Uzbekistan, the State Committee for the Promotion of Privatized Enterprises and Competition Development, the Ministry of Finance and the Center for Securities Market Coordination.

Recently IFC issued the first ever bonds nominated in Uzbek soums. These were the first transactions in Uzbek soums, committed in international markets. This work was done within the framework of the joint activities of the Government of Uzbekistan and IFC on the development of long-term financing in local currency and the promotion of private sector development in Uzbekistan.

Proceeds from the sale of the bond (160 billion Uzbek soums, equivalent to 20 million US dollars) were sent to Hamkorbank in order to increase lending in local currency.

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