Mirziyoyev Discusses Accelerating Capital Market Development and Implementing International Banking Standards

Tashkent, Uzbekistan (UzDaily.com) — On 15 December, President of Uzbekistan Shavkat Mirziyoyev reviewed a presentation on the further development of the capital market and the accelerated implementation of international standards in the banking sector.

At present, the market value of outstanding securities stands at 275 trillion soums, while free exchange turnover has reached 4 trillion soums.

The market comprises 717 issuers and 77 professional participants.

At the same time, market capitalization amounts to only 20 percent of the country’s GDP, which is significantly below global benchmarks and indicates substantial potential for growth.

Measures were presented to attract at least US$1 billion in investment to the domestic capital market.

Plans include allowing dual listing operations and introducing new financial instruments, including foreign currency bonds, global depositary receipts, foreign securities, and exchange-traded funds.

The expansion of the “regulatory sandbox” legal regime is envisaged for both residents and non-residents, with an unlimited validity period for foreign investors and permission to trade foreign securities.

Particular emphasis was placed on actively attracting domestic investors. Companies and banks will be allowed to issue foreign currency-denominated bonds on the Tashkent Stock Exchange, as well as to issue unsecured bonds and bonds exceeding their own capital.

Measures to improve the supervisory and regulatory framework were also reviewed, including aligning national legislation with the requirements of the International Organization of Securities Commissions and gradually increasing capital requirements for professional market participants.

Over the past seven years, the assets of commercial banks have increased 5.3-fold to more than 877 trillion soums, while the number of banks has reached 35, including three foreign-owned institutions.

Uzbekistan has participated for the first time in the International Monetary Fund and World Bank Financial Sector Assessment Program, which assessed banking supervision, risk management, payment systems, macroprudential policy, and crisis management.

In 2026, the banking system is scheduled to fully transition to International Financial Reporting Standards, implement Basel III standards, and establish a Financial Stability Council involving the government and the Central Bank.

The President emphasized that reforming the capital market and the banking system is of critical importance for ensuring stable financing of the economy, fostering private sector growth, and attracting international investment, and assigned specific tasks to responsible officials to ensure the implementation of these measures.