The Capital Market Development Agency of Uzbekistan has been abolished by presidential decree.
Its functions have been transferred to finance ministry.
The decree also suggests Uzbekistan’s capital market is in for a boost as Uzbek companies are to be allowed to list their shares on foreign stock markets starting from January 1, 2023.
The main priorities for the development of the capital market are outlined by the decree. Capital market capitalisation is forecast to reach $4.3bn by the end of 2023. An effective financing mechanism is to replace “traditional lending”.
Moreover, the total volume of securities in free circulation is to reach at least 5% of GDP.
The decree also bans the re-examination procedure for the results of IPOs and SPOs.
The finance ministry said it intended to cooperate with the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB) and the US Treasury in capital market development .
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