TIJORAT BANKLARIDA AKTIV VA PASSIVLARNI BOSHQARISHDA OBLIGATSIYA EMISSIYASINING O‘RNI: LIKVIDLIK, MUDDATLAR NOMUVOFIQLIGI VA QAYTA MOLIYALASH RISKLARI
Amatov Azizbek G‘ayrat o‘g‘li
Toshkent davlat iqtisodiyot universiteti magistranti
E-mail: amatovazizbek999@gmail.com
Ilmiy rahbar: Murodova D.Ch.
ORCID: 0009-0003-0653-007X
Annotatsiya. Maqolada O‘zbekiston tijorat banklarining obligatsiya emissiyasi aktiv-passivlarni boshqarish nuqtai nazaridan tahlil qilingan. Shartli bank balansi asosida to‘rt moliyalashtirish varianti gap, NSFR va stress-test orqali solishtirilgan. Uch yillik so‘m obligatsiyasi og‘ir stressdagi zararni kapitalning 22,7 foizidan 15,2 foizigacha kamaytirishi aniqlangan, banklar va regulyator uchun takliflar berilgan.
Kalit so‘zlar: aktiv-passivlarni boshqarish, obligatsiya emissiyasi, tijorat banklari, likvidlik riski, muddatlar nomuvofiqligi, qayta moliyalash riski, foiz riski, valyuta riski, NSFR, LCR, durasiya gapi, stress-test, evroobligatsiyalar.
РОЛЬ ЭМИССИИ ОБЛИГАЦИЙ В УПРАВЛЕНИИ АКТИВАМИ И ПАССИВАМИ КОММЕРЧЕСКИХ БАНКОВ: РИСКИ ЛИКВИДНОСТИ, НЕСООТВЕТСТВИЯ СРОКОВ И РЕФИНАНСИРОВАНИЯ
Аматов Азизбек Гайрат угли
магистрант
Ташкентского государственного
экономического университета
Научный руководитель: Муродова Д.Ч.
E-mail: amatovazizbek999@gmail.com
ORCID: 0009-0003-0653-007X
Аннотация. В статье анализируется эмиссия облигаций банками Узбекистана с позиции управления активами и пассивами. На условном балансе банка сравниваются четыре варианта фондирования по разрывам, NSFR и стресс-тестам. Трёхлетняя облигация в сумах снижает потери при тяжёлом стрессе с 22,7 до 15,2 процента капитала; даны практические рекомендации.
Ключевые слова: управление активами и пассивами, эмиссия облигаций, коммерческие банки, риск ликвидности, несоответствие сроков, риск рефинансирования, процентный риск, валютный риск, NSFR, LCR, дюрационный разрыв, стресс-тест, еврооблигации.
THE ROLE OF BOND ISSUANCE IN ASSET-LIABILITY MANAGEMENT OF COMMERCIAL BANKS: LIQUIDITY, MATURITY MISMATCH AND REFINANCING RISKS
Amatov Azizbek G‘ayrat o‘g‘li
Master’s student
Tashkent State University of Economics
Scientific supervisor: Murodova D.Ch.
E-mail: amatovazizbek999@gmail.com
ORCID: 0009-0003-0653-007X
Abstract. The article analyses bond issuance by Uzbek banks in terms of asset-liability management. Four funding options are compared on a representative balance sheet by maturity gaps, NSFR and stress tests. A three-year soum bond cuts severe-stress losses from 22.7 to 15.2 percent of equity.
Keywords: asset-liability management, bond issuance, commercial banks, liquidity risk, maturity mismatch, refinancing risk, interest rate risk, currency risk, NSFR, LCR, duration gap, stress test, Eurobonds.
Amatov Azizbek G’ayrat o’g’li. (2026). TIJORAT BANKLARIDA AKTIV VA PASSIVLARNI BOSHQARISHDA OBLIGATSIYA EMISSIYASINING O’RNI: LIKVIDLIK, MUDDATLAR NOMUVOFIQLIGI VA QAYTA MOLIYALASH RISKLARI. «Moliyaviy texnologiyalar» ilmiy elektron jurnali, 5(6), 29–35. https://doi.org/10.5281/zenodo.23970105
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