BAKU, Azerbaijan, Mar. 19
By Klavdiya Romakayeva - Trend:
The total value of shares in the stock market of Uzbekistan remains below six percent in relation to GDP, Trend reports with reference to Agency for Capital Market Development.
On March 17, 2021, the Senate of the Oliy Majlis (Parliament) of Uzbekistan, together with the Agency for Capital Market Development, organized an international conference ‘The role of the financial market in stimulating economic growth. Legal and institutional aspects.
It is reported that this conference became an important stage in the implementation of the decree of the president of Uzbekistan, in which it was instructed to develop a strategy that provides for the harmonious functioning and development of all segments of the financial market.
“The total value of shares on the stock market in Uzbekistan remains lower in relation to GDP. That is, the total amount does not even reach 6 percent. However, in Singapore, these figures amount to 188 percent, in Malaysia - 112 percent, in Russia - 34 percent,” Senate Chairwoman Tanzila Narbaeva said.
It was also noted that there are a number of challenges and untapped opportunities in the industry. In this regard, an initial draft of the capital market development strategy for 2021-2025 was developed and measures were taken to improve the industry with a view to further development.
Narbaeva added that a lot has been done to further reduce state participation in the economy, develop the stock market and many other areas.
“For the first time in the history of Uzbekistan over the past two years, sovereign international bonds in the national currency - soums were placed on international financial markets. As of January 1, 2021, a total of 599 joint-stock companies issued shares with a par value of 149.5 trillion soums ($14.1 billion),” the chairwoman of the Senate said.
In addition, the Ministry of Finance timely paid 3.2 trillion soums ($304 million) of principal debt and 547.1 billion soums ($52 million) of interest payments on government securities in 2019-2020 and achieved an almost 10-fold increase in the volume of placement of government securities.
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