Uzbekistan’s banks plan to issue Eurobonds in national currency

Finance Materials 20 August 2021 15:34 (UTC +04:00)

BAKU, Azerbaijan, Aug. 20

By Klavdiya Romakayeva - Trend:

Uzbekistan’s banks plan to issue Eurobonds for five trillion soums ($470 million) in national currency, Trend reports with reference to Uzbek media.

The mentioned issue was discussed during the meeting of the president of Uzbekistan with entrepreneurs.

According to the information, banks together with entrepreneurs will convert about $1 billion of loans into national currency, which was received by 6,000 businessmen. It is noted that previously, they received funding in foreign currency.

The head of state noted that commercial banks annually generate additional long-term resources in national currency amounting to an average of 30-40 trillion soums ($2.8-3.8 billion).

“Thanks to this, entrepreneurs will be able to obtain long-term loans in national currency and at least 5 percent cheaper than current rates,” he said.

Earlier Uzbek finance ministry reported that Uzbekistan has placed Eurobonds for $635 million and 2.5 trillion soums ($235 million) on the London Stock Exchange.

“The proceeds from these international commitments will be used to finance the Sustainable Development Goals (SDGs) and cover the state budget deficit,” the ministry said then.


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