Uzbekistan intends to boost share of securities in GDP to 15%

Business Materials 8 October 2019 12:51 (UTC +04:00)

Baku, Azerbaijan, Oct. 8

By Fakhri Vakilov - Trend:

Uzbekistan’s President Shavkat Mirziyoyev at a meeting on October 7 instructed to develop a stock market development strategy for 2020-2025, Trend reports citing the press service of the head of state.

So far, the mechanism for issuing securities and their sale was used inefficiently, read the message.

The total amount of shares on the country's stock market is $2.6 billion, and this is less than 6 percent of the gross domestic product (GDP). For comparison, in Singapore this figure is 188 percent, in Malaysia - 112 percent, in Russia - 34 percent.

This year, government bonds were sold only to commercial banks through the currency exchange. The number of professional stock market participants does not reach 100.

In this regard, it is planned to develop a stock market development strategy for 2020-2025. It is planned to bring the ratio of freely traded securities to GDP to 10-15 percent by the end of 2025.

"In developed countries, banks are active participants in the stock market, and in Uzbekistan, banks are prohibited from purchasing shares of other entities in the primary market," the publication said.

Mirziyoyev instructed to revise legislative acts, abolish unnecessary restrictions, simplify work in the stock market and introduce more types of securities.

The development of the sphere is impossible without qualified specialists. Now there are only 300 such people in the country, while in developed countries there are thousands of them, according to the press service.

In this regard, the Agency for the Development of the Capital Market has been given the task of arranging the work of the corresponding department of the Tashkent Financial Institute and providing staff development, training of students in cooperation with leading foreign universities.


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