15.12.2025

On December 15, President Shavkat Mirziyoyev got acquainted with a presentation on the further development of the capital market and the acceleration of the implementation of international standards in the banking system.

Today, the market value of securities in circulation is 275 trillion soums, while the volume of securities in free exchange trading has reached 4 trillion soums. There are 717 issuers and 77 professional participants operating in the market.

It was noted that the capital market capitalization is only 20 percent of the gross domestic product, which is significantly lower than global indicators. It was also emphasized that the sphere has great potential.

In this regard, measures aimed at attracting no less than $1 billion in investments to the local capital market have been discussed.

In particular, it is planned to authorize "dual listing" operations, which involve the simultaneous placement of securities on local and foreign stock exchanges in accordance with international standards. Furthermore, the introduction of new financial instruments is envisaged, including currency bonds, global depositary receipts, foreign securities, and exchange-traded investment funds.

The presentation paid particular attention to the expansion of the special legal regime "regulatory sandbox".

Within this regime, it was proposed to apply the sandbox conditions not only to non-residents but also to residents, to establish an indefinite term for foreign investors, and to allow trading in stocks, bonds, and other securities of foreign companies. It was noted that this will help reduce the unofficial trading of foreign securities.

Proposals for actively attracting domestic investors to the capital market have been considered.

It was noted that at the Tashkent Stock Exchange, local companies and banks will be allowed to issue bonds in foreign currency, enabling them to attract foreign currency funds without entering the external market.

It was also highlighted that the bond market can be expanded by allowing issuers to issue unsecured bonds in amounts exceeding their own capital. 

Issues of improving the control and regulation system in the capital market were discussed. 

Plans were presented to adapt national legislation to the requirements of the International Organization of Securities Commissions, strengthen the regulator's powers, and gradually increase the charter capital requirements for professional participants.

It was noted that over the past seven years, as part of the banking system reforms, the assets of commercial banks have grown by 5.3 times, exceeding 877 trillion soums. The number of banks has reached 35, 3 foreign banks have commenced operations in Uzbekistan since 2018.

For the first time, our country participated in the Financial Sector Assessment Program of the International Monetary Fund and the World Bank, which assessed areas such as banking supervision, risk management, payment systems, macroprudential policy, and crisis management.
Based on the results of the assessment, the plan for next year is to bring Uzbekistan's financial sector into full compliance with the 29 Core Principles for Effective Banking Supervision of the Basel Committee. To this end, objectives have been set to ensure the full compliance of all commercial banks' financial statements with international standards, the final implementation of Basel III standards, and the establishment of a Financial Stability Council with the participation of the government and the Central Bank.

Emphasizing that the capital market and banking system reform plays a crucial role in the stable financing of the economy, increasing the private sector's share, and boosting the attraction of international investment, the Head of state set specific tasks for the responsible officials.