Uzbekistan expands capital market reach through new laws and bond issuances

Uzbekistan is advancing legislative and financial measures to integrate more deeply with global capital markets. The government has introduced a draft law, ‘On the Capital Market’, aimed at expanding financial instruments, improving state regulation, and developing market infrastructure to attract international depositories.

This regulatory push follows recent credit rating improvements, including an upgrade by Moody’s from Ba3 to Ba2 and positive outlook shifts from Fitch and S&P. These actions reflect increasing policy effectiveness and institutional resilience.

In the private sector, Asia Alliance Bank has announced plans to issue $20 million in foreign-currency bonds. The bonds feature a 7% annual coupon with a three-year maturity, signaling a trend of Uzbek financial institutions seeking dollar-denominated funding through capital market instruments.