AVO Bank to Issue Deposit Certificates Worth 500 Billion Soums

Tashkent, Uzbekistan (UzDaily.com) — The shareholder of AVO Bank has approved the issuance of deposit certificates totaling 500 billion Uzbek soums, according to the bank’s corporate disclosure portal.

Each certificate will have a nominal value of 50 billion soums and a term of 1,092 days (three years). The annual interest rate will be 22%, and settlements on the certificates will be conducted in cashless form in soms or in foreign currency, with subsequent conversion at the exchange rate of the Central Bank of Uzbekistan.

The securities are intended exclusively for legal entities, including non-residents, and will be placed on the unorganized securities market. At the same time, circulation of the certificates will be permitted both on the organized and unorganized markets, but only between companies.