NEWS

Uzbekistan continues to pursue reforms aimed at improving its investment climate and modernising the country’s financial system. On 22 June 2026, President Shavkat Mirziyoyev was presented with a draft of a new version of the Law on the Capital Market, a reform expected to become one of the key milestones in the transformation of the country’s financial sector.

The draft law comprises 16 chapters and 123 articles and is intended to bring Uzbekistan’s capital market regulation closer to international standards. Its main objectives include introducing modern market mechanisms, strengthening investor protection, developing market infrastructure and broadening the range of available financial instruments.

One of the central elements of the reform concerns the role of the National Agency of Perspective Projects. Its powers are expected to be aligned with international requirements and global best practices in capital market regulation.

The Central Securities Depository may also be granted additional functions. In particular, it is proposed that the depository be authorised to make centralised dividend payments and open correspondent accounts with foreign banks.

Among the most notable changes is the introduction into Uzbek legislation of financial instruments that have long been widely used in international markets. The draft law establishes the legal framework for transactions involving options, swaps, futures and forwards, as well as for the use of netting arrangements.

Another important area of reform is the expansion of financing opportunities. Banks would be allowed to issue secured bonds, as well as specialised bonds backed by mortgage loan receivables. Particular attention is also being given to the development of Islamic finance instruments, including sukuk.

The draft law further broadens the range of institutions eligible to provide securities custody and record-keeping services and simplifies market access for foreign nominee holders.

Following the presentation, instructions were issued to discuss the draft law with international partners, continue developing market infrastructure in line with international standards, promote the introduction of new financial instruments and support the training of specialists for the sector.

The proposed changes form part of Uzbekistan’s broader strategy to attract foreign investment. On 25 June 2026, speaking at the annual meeting and business forum of the Eurasian Development Bank, Deputy Minister of Investments, Industry and Trade of Uzbekistan Khurram Teshabayev outlined the country’s key investment priorities. These include improving regional transport connectivity through projects such as the Trans-Afghan Corridor, the Middle Corridor and the North–South route, strengthening industrial cooperation and value chains, promoting the green economy and sustainable energy, and supporting the development of the digital economy and artificial intelligence technologies.

Uzbekistan is becoming increasingly attractive to international investors. This trend was reflected in the results of the Tashkent International Investment Forum 2026, where 166 investment agreements worth a total of USD 43.1 billion were signed — 41% more than in 2025 and nearly 3.9 times the figure recorded in 2023.

If adopted in its current form, the new law could provide an additional boost to the development of Uzbekistan’s financial system, broaden the pool of potential investors and strengthen confidence in the country’s capital market. For businesses, the reform may create new opportunities both for raising capital and for structuring transactions.