A round table is being held on the topic “Financial Markets Development: Tools and Goals”

The second day of the forum begins with a series of round tables on topical issues.

A round table on the theme “Financial Markets Development: Tools and Goals” is dedicated to Uzbekistan’s efforts to develop capital markets and bonds in local currency. An increase in soum borrowing helps to reduce dependence on foreign currencies and the risks of exchange rate fluctuations.

Further development is necessary to achieve the set goals for the privatization of large state-owned enterprises and banks through an IPO on the Tashkent Republican Stock Exchange. The creation of a new market infrastructure, the promotion of financial innovation, the development of insurance, the pension sector and other areas require pooling the resources of all stakeholders.

Uzbekistan’s efforts to reform its financial system - including restructuring and privatizing state-owned commercial banks, strengthening financial preparedness for natural disasters, establishing a development bank, and improving export and trade financing instruments for local enterprises - has helped fuel the economy through rapid credit growth.

In this session, experts are exchanging views on government initiatives to create a more market-friendly financial system over the next five years, introduce new financial instruments and develop a marketplace for high-added-value services, completing the transformation processes of commercial banks, increasing the private sector’s share in assets to 60% in banking, and creating conditions for competitive banking operations (objectives of the Development strategy), attracting foreign investors to the financial market through capital movement liberalization.

These aspects are considered at the meeting by Deputy Chairman of the Central Bank of Uzbekistan Bekhzod Khamrayev, Head of the Republican Stock Exchange Georgy Paresishvili, Managing Director of the European Bank for Reconstruction and Development Axel van Nederveen, Deputy Treasurer of the Asian Development Bank Jonathan Grosvenor, Head of Capital Market Strategy at Raiffeisen Bank International Martin Bloom and other delegates.