Created: 03 May 2019
The Capital Market Development Agency of the Republic of Uzbekistan held the second meeting of the Coordinating Council on Capital Market Reforms, which was held on April 30, 2019 with the support of the Senate of Oliy Majlis and UNDP with the participation of key ministries and agencies interested in developing the capital market and the financial sector as a whole.
Ms. Dimovska, the new UNDP Resident Representative in Uzbekistan, welcomed the participants and noted that she is very pleased that in her reforms Uzbekistan fully supports the new UN agenda for the Sustainable Development Goals (SDGs).
The Director of the Capital Market Development Agency Atabek Nazirov, presented the concept of capital market development, corresponding to the tasks assigned to the Agency, displayed in Presidential Decree No. PP-4127 dated January 24, 2019. "On the organization of the activities of the agency for the development of the capital market of the Republic of Uzbekistan".
The concept of the Capital Market Development Strategy, in addition to revising all laws affecting capital markets, increasing market liquidity, increasing the share of free-float stocks, developing the investment infrastructure and diversifying financial instruments, emphasizes the importance of improving financial literacy of the population. In particular, the possibility of establishing the Academy of the Capital Market, as well as the development of institutional capacity and strengthening staffing of the Agency in the Republic as a whole, for instance, assimilation by local experts of International Financial Reporting Standards (IFRS), is being considered.
During the exchange of views, it was noted that the ultimate beneficiaries of the reform of the capital markets are citizens of Uzbekistan and local companies of any size. Also, the roundtable participants discussed the possibility of creating an international financial center in Uzbekistan, options for involving private firms in the capital market and prospects for issuing treasury bonds.
Following the meeting, it was decided to agree on the concept for members of the Coordination Council during the week and begin joint development of the Capital Market Development Strategy.
The capital market concept can be downloaded here: CAPITAL MARKETS STRATEGY 2020-2025