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On 7th of October, the President Shavkat Mirziyoev held a meeting with the relevant heads of ministries and agencies of the government of Uzbekistan, aimed to formulate a strategic action plan to develop sound domestic capital markets.

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He noted that at present, local laws and regulations impacting domestic capital markets do not fully meet the modern standards, including those expected by the international portfolio investor community. Therefore, the President directed to consolidate all relevant laws, acts and decrees into single, simple and flexible capital markets code by the end of 2020. In addition, he instructed to immediately remove all regulatory restrictions and barriers limiting foreign and domestic investors from freely investing in domestic securities, including government bonds, and actively participating in Uzbekistan’s capital markets.

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The significance of privatization through capital markets and attracting the best national companies to the local stock exchange was stressed. It was proposed to select best state owned firms and assist them by laying out the “Road map” to their effective and efficient pprivatization of significant share in Uzbek capital market. It was proposed to introduce tax incentives to the companies that will have substantial equity floated on domestic stock exchange.

Shavkat Mirziyoev emphasized the significance of improving education and financial literacy of population, as the development of the capital market depends on the qualifications of professionals and on level of their knowledge. Currently, only around 300 qualified securities markets participants have relevant certificates, which is considerably less compared compared to developed countries. To stimulate growth in domestic broker-dealer industry the Capital Markets Development Agency was instructed to engage with domestic educational establishments, and expand wider its financial literacy improvement programs.

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To successfully implement initiatives aimed at the growth of domestic capital markets the President instructed to introduce a comprehensive capital markets developement strategy for 2020-2025, with a goal of increasing the size of free floated domastic capital markets to 10-15% of GDP, from current figure.


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Телефон доверия по вопросам противодействия коррупции       (71) 203-01-15 (555) 
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