Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan and representatives of the International Monetary Fund (IMF) have discussed prospects for developing the government securities market, including the possible issuance of floating-rate bonds linked to the UZONIA interbank benchmark.
The meeting followed an IMF technical mission focused on the development of the government bond market.
One of the main topics was the possible introduction of securities whose yields would be calculated based on UZONIA. IMF experts believe current market conditions could create an opportunity to gradually introduce such instruments on a pilot basis.
According to IMF specialists, UZONIA-linked bonds could provide banks with a more stable source of long-term funding, reduce their reliance on short-term borrowing and strengthen the transmission of monetary policy signals to the economy.
The sides also considered opportunities to expand the use of the benchmark in banking and financial products. These included deposits, loans and interest rate swaps, whose terms could be determined with reference to UZONIA movements.
The use of such instruments could help financial market participants assess and manage interest rate risks more effectively.
Participants also discussed the market’s readiness to introduce new products, possible launch timelines and the further measures required.
Following the meeting, the sides reaffirmed their interest in continuing cooperation and joint research to deepen Uzbekistan’s government securities market and strengthen its resilience.
