FINANCIAL MARKETS IN UZBEKISTAN: THE ROLE OF EXCHANGE AND OVER-THE-COUNTER TRADING IN ECONOMIC DEVELOPMENT AND CREDIT RATING IMPROVEMENT (2021–2025)
DOI:
https://doi.org/10.55640/Keywords:
stocks, bonds, financial markets, Uzbekistan, credit rating, exchange trading, over-the-counter market, Fitch, Tashkent Republican Stock Exchange, privatization, market-oriented economyAbstract
Stocks and bonds are essential to modern financial systems because they allow companies to raise capital and give investors a way to participate in economic growth. In Uzbekistan, these instruments have become more important as the country continues moving from a state-dominated financial structure toward a more market-oriented system. This article examines the growth of Uzbekistan’s financial markets between 2021 and 2025, with special attention to exchange trading, corporate bonds, listed companies, and sovereign credit ratings. The evidence shows that the Tashkent Republican Stock Exchange reached UZS 12 trillion in trading volume in the first half of 2025, a 17-fold increase compared with the same period in 2024, while total market capitalization rose to UZS 242.8 trillion. At the same time, Fitch upgraded Uzbekistan’s sovereign credit rating from “BB-” to “BB,” and later revised the outlook to positive, reflecting stronger reform momentum, better macroeconomic stability, and improved investor confidence.References
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2.Fitch Ratings. (2026, June 2). Fitch улучшило прогноз по рейтингу Узбекистана до «позитивного». https://www.gazeta.uz/ru/2026/06/03/fitch-uzb/
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6.Kursiv Uzbekistan. (2025, July 16). Tashkent Stock Exchange sees 17-fold surge in trading volume in H1 2025. https://uz.kursiv.media/en/2025-07-17/tashkent-stock-exchange-sees-17-fold-surge-in-trading-volume-in-h1-2025/
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