{"id":2015,"date":"2026-08-11T22:09:08","date_gmt":"2026-08-11T17:09:08","guid":{"rendered":"https:\/\/fintech.tsue.uz\/?p=2015"},"modified":"2026-08-11T22:09:09","modified_gmt":"2026-08-11T17:09:09","slug":"the-current-state-of-government-securities-market-operations-in-uzbekistans-financial-market-and-existing-problems","status":"publish","type":"post","link":"https:\/\/fintech.tsue.uz\/?p=2015","title":{"rendered":"THE CURRENT STATE OF GOVERNMENT SECURITIES MARKET OPERATIONS IN UZBEKISTAN&#8217;S FINANCIAL MARKET AND EXISTING PROBLEMS"},"content":{"rendered":"\n<p><strong>Kholikov Khamidulla<\/strong><\/p>\n\n\n\n<p><em>Senior specialist,<\/em><em><\/em><\/p>\n\n\n\n<p><em>&nbsp;the Central Bank of the Republic of Uzbekistan, PhD<\/em><\/p>\n\n\n\n<p><em>Email: <\/em><a href=\"mailto:khamidullakholikov@gmail.com\"><em>khamidullakholikov@gmail.com<\/em><\/a><\/p>\n\n\n\n<p><strong><em>Abstract: <\/em><\/strong><em>Government securities market (GSM) operations, meaning issuance, auctions, secondary trading, settlement, and the monetary-policy use of sovereign paper, are a defining component of a modern financial system. They give the state a domestic, market-based financing channel and give the central bank a benchmark instrument for liquidity management and interest-rate transmission. This article assesses the current state of government securities market operations in Uzbekistan&#8217;s financial market and identifies the structural, institutional, and operational problems that continue to limit their effectiveness. Since the reintroduction of domestic treasury bonds in 2018, Uzbekistan has built a rapidly growing government securities market: annual placement volumes rose from roughly UZS 0.4 trillion in 2018 to over UZS 28.6 trillion by 2025, and the market now finances close to a sixth of total state debt in local currency. Even so, the market remains bank-dominated, secondary trading is thin, the investor base lacks depth among pension funds, insurance companies and retail participants, and the operational infrastructure for auctions, settlement, and market-making needs further modernization. Using a five-dimension framework for market operations and drawing on international practice from the United States, Japan, Malaysia, South Korea, Chile, Mexico, India, and Indonesia, together with IMF and World Bank guidance, the article sets out practical measures to strengthen the primary and secondary markets and to align Uzbekistan&#8217;s government securities market with the Central Bank&#8217;s 2026\u20132028 monetary policy priorities of low, stable inflation and deeper market-based transmission.<\/em><\/p>\n\n\n\n<p><strong><em>Key words: <\/em><\/strong><em>Government securities market, market operations, public debt management, Uzbekistan, primary market, secondary market, liquidity, investor base, monetary policy, financial market development.<\/em><\/p>\n\n\n\n<p><strong>O\u2018ZBEKISTON MOLIYA BOZORIDA DAVLAT QIMMATLI QOG\u2018OZLARI BOZORI FAOLIYATINING HOZIRGI HOLATI VA MAVJUD MUAMMOLAR<\/strong><\/p>\n\n\n\n<p><strong>\u0425\u043e\u043b\u0438\u049b\u043e\u0432 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\u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0443\u044e \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0443 \u0421\u0428\u0410, \u042f\u043f\u043e\u043d\u0438\u0438, \u041c\u0430\u043b\u0430\u0439\u0437\u0438\u0438, \u042e\u0436\u043d\u043e\u0439 \u041a\u043e\u0440\u0435\u0438, \u0427\u0438\u043b\u0438, \u041c\u0435\u043a\u0441\u0438\u043a\u0438, \u0418\u043d\u0434\u0438\u0438 \u0438 \u0418\u043d\u0434\u043e\u043d\u0435\u0437\u0438\u0438, \u0430 \u0442\u0430\u043a\u0436\u0435 \u0440\u0443\u043a\u043e\u0432\u043e\u0434\u0441\u0442\u0432\u0430 \u041c\u0412\u0424 \u0438 \u0412\u0441\u0435\u043c\u0438\u0440\u043d\u043e\u0433\u043e \u0431\u0430\u043d\u043a\u0430, \u0432 \u0441\u0442\u0430\u0442\u044c\u0435 \u0438\u0437\u043b\u0430\u0433\u0430\u044e\u0442\u0441\u044f \u043f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u043c\u0435\u0440\u044b \u043f\u043e \u0443\u043a\u0440\u0435\u043f\u043b\u0435\u043d\u0438\u044e \u043f\u0435\u0440\u0432\u0438\u0447\u043d\u043e\u0433\u043e \u0438 \u0432\u0442\u043e\u0440\u0438\u0447\u043d\u043e\u0433\u043e \u0440\u044b\u043d\u043a\u043e\u0432 \u0438 \u043f\u0440\u0438\u0432\u0435\u0434\u0435\u043d\u0438\u044e \u0440\u044b\u043d\u043a\u0430 \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0445 \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433 \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d\u0430 \u0432 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0438\u0435 \u0441 \u043f\u0440\u0438\u043e\u0440\u0438\u0442\u0435\u0442\u0430\u043c\u0438 \u0434\u0435\u043d\u0435\u0436\u043d\u043e-\u043a\u0440\u0435\u0434\u0438\u0442\u043d\u043e\u0439 \u043f\u043e\u043b\u0438\u0442\u0438\u043a\u0438 \u0426\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0431\u0430\u043d\u043a\u0430 \u043d\u0430 2026\u20132028 \u0433\u043e\u0434\u044b: \u043d\u0438\u0437\u043a\u0430\u044f, \u0441\u0442\u0430\u0431\u0438\u043b\u044c\u043d\u0430\u044f \u0438\u043d\u0444\u043b\u044f\u0446\u0438\u044f \u0438 \u0431\u043e\u043b\u0435\u0435 \u0433\u043b\u0443\u0431\u043e\u043a\u0430\u044f \u0440\u044b\u043d\u043e\u0447\u043d\u0430\u044f \u0442\u0440\u0430\u043d\u0441\u043c\u0438\u0441\u0441\u0438\u044f.<\/em><\/p>\n\n\n\n<p><strong><em>\u041a\u043b\u044e\u0447\u0435\u0432\u044b\u0435 \u0441\u043b\u043e\u0432\u0430:<\/em><\/strong><em> \u0420\u044b\u043d\u043e\u043a \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0445 \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433, \u043e\u043f\u0435\u0440\u0430\u0446\u0438\u0438 \u043d\u0430 \u0440\u044b\u043d\u043a\u0435, \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u043c \u0434\u043e\u043b\u0433\u043e\u043c, \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d, \u043f\u0435\u0440\u0432\u0438\u0447\u043d\u044b\u0439 \u0440\u044b\u043d\u043e\u043a, \u0432\u0442\u043e\u0440\u0438\u0447\u043d\u044b\u0439 \u0440\u044b\u043d\u043e\u043a, \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u044c, \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0441\u043a\u0430\u044f \u0431\u0430\u0437\u0430, \u0434\u0435\u043d\u0435\u0436\u043d\u043e-\u043a\u0440\u0435\u0434\u0438\u0442\u043d\u0430\u044f \u043f\u043e\u043b\u0438\u0442\u0438\u043a\u0430, \u0440\u0430\u0437\u0432\u0438\u0442\u0438\u0435 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0433\u043e \u0440\u044b\u043d\u043a\u0430.<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/08\/15.-Kholikov-Khamidulla.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 15. Kholikov Khamidulla.\"><\/object><a id=\"wp-block-file--media-7a2f404c-6339-4a5f-a9bc-1089164565d4\" href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/08\/15.-Kholikov-Khamidulla.pdf\">15. Kholikov Khamidulla<\/a><a href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/08\/15.-Kholikov-Khamidulla.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-7a2f404c-6339-4a5f-a9bc-1089164565d4\">Download<\/a><\/div>\n\n\n\n<p><strong>References and bibliography:<\/strong><\/p>\n\n\n\n<p>1. Bank for International Settlements (2024). Quarterly Review: Global Bond Market Developments. <a href=\"https:\/\/www.bis.org\/publ\/quarterly_reviews.htm\">https:\/\/www.bis.org\/publ\/quarterly_reviews.htm<\/a><\/p>\n\n\n\n<p>2. Ministry of Economy and Finance of the Republic of Uzbekistan (2024). Public Debt Bulletin.<\/p>\n\n\n\n<p>3. Central Bank of the Republic of Uzbekistan (2025). Guidelines for the Main Directions of Monetary Policy for 2026 and 2027\u20132028. Monetary Policy Department, Tashkent. <a href=\"https:\/\/cbu.uz\/upload\/medialibrary\/0dc\/oap212cbtuwxqtu6b3w6usgd1bb2mdz3\/Asosiy-Yo_nalishlar_2026_2028-lotin_5_website.pdf\">https:\/\/cbu.uz\/upload\/medialibrary\/0dc\/oap212cbtuwxqtu6b3w6usgd1bb2mdz3\/Asosiy-Yo_nalishlar_2026_2028-lotin_5_website.pdf<\/a><\/p>\n\n\n\n<p>4. Duffie, D. (1996). Special Repo Rates. Journal of Finance, 51(2), 493\u2013526. <a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/abs\/10.1111\/j.1540-6261.1996.tb02692.x\">https:\/\/onlinelibrary.wiley.com\/doi\/abs\/10.1111\/j.1540-6261.1996.tb02692.x<\/a><\/p>\n\n\n\n<p>5. Greenwood, R., &amp; Vayanos, D. (2014). Bond Supply and Excess Bond Returns. Review of Financial Studies, 27(3), 663\u2013713. <a href=\"https:\/\/academic.oup.com\/rfs\/article-abstract\/27\/3\/663\/1581525\">https:\/\/academic.oup.com\/rfs\/article-abstract\/27\/3\/663\/1581525<\/a><\/p>\n\n\n\n<p>6. Dunne, P., Moore, M., &amp; Portes, R. (2007). Benchmark Status in Fixed-Income Asset Markets. Journal of Business Finance &amp; Accounting, 34(9\u201310), 1615\u20131634. <a href=\"https:\/\/pjse.hal.science\/halshs-00754214v1\">https:\/\/pjse.hal.science\/halshs-00754214v1<\/a><\/p>\n\n\n\n<p>7. Fleming, M. J. (2003). Measuring Treasury Market Liquidity. Federal Reserve Bank of New York Economic Policy Review, 9(3), 83\u2013108. <a href=\"https:\/\/fedinprint.org\/item\/fednsr\/12391\">https:\/\/fedinprint.org\/item\/fednsr\/12391<\/a><\/p>\n\n\n\n<p>8. Pagano, M. (1989). Trading Volume and Asset Liquidity. Quarterly Journal of Economics, 104(2), 255\u2013274. <a href=\"https:\/\/academic.oup.com\/qje\/article-abstract\/104\/2\/255\/1854625\">https:\/\/academic.oup.com\/qje\/article-abstract\/104\/2\/255\/1854625<\/a><\/p>\n\n\n\n<p>9. Amihud, Y., &amp; Mendelson, H. (1991). Liquidity, Maturity, and Yields on U.S. Treasury Securities. Journal of Finance, 46(4), 1411\u20131425. <a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/j.1540-6261.1991.tb04623.x\">https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/j.1540-6261.1991.tb04623.x<\/a><\/p>\n\n\n\n<p>10. Kyle, A. S. (1985). Continuous Auctions and Insider Trading. Econometrica, 53(6), 1315\u20131335. <a href=\"https:\/\/www.econometricsociety.org\/publications\/econometrica\/1985\/11\/01\/continuous-auctions-and-insider-trading\">https:\/\/www.econometricsociety.org\/publications\/econometrica\/1985\/11\/01\/continuous-auctions-and-insider-trading<\/a><\/p>\n\n\n\n<p>11. Claessens, S., Klingebiel, D., &amp; Schmukler, S. L. (2007). Government Bonds in Domestic and Foreign Currency. Review of International Economics, 15(2), 370\u2013413. <a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/j.1467-9396.2007.00682.x\">https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/j.1467-9396.2007.00682.x<\/a><\/p>\n\n\n\n<p>12. Eichengreen, B., &amp; Luengnaruemitchai, P. (2006). Why Doesn&#8217;t Asia Have Bigger Bond Markets? BIS Papers, No. 30. <a href=\"https:\/\/www.bis.org\/publ\/bppdf\/bispap30g.pdf\">https:\/\/www.bis.org\/publ\/bppdf\/bispap30g.pdf<\/a><\/p>\n\n\n\n<p>13. Burger, J. D., &amp; Warnock, F. E. (2006). Local Currency Bond Markets. IMF Staff Papers, 53(Special Issue), 133\u2013146. <a href=\"https:\/\/www.imf.org\/External\/Pubs\/FT\/staffp\/2006\/03\/burger.htm\">https:\/\/www.imf.org\/External\/Pubs\/FT\/staffp\/2006\/03\/burger.htm<\/a><\/p>\n\n\n\n<p>14. Allen, F., Carletti, E., &amp; Gu, X. (2014). The Role of Local Currency Bond Markets in Emerging Economies. Journal of Financial Stability, 10(2), 165\u2013178.<\/p>\n\n\n\n<p>15. IMF (2022). Developing Local Currency Bond Markets: Key Policy Challenges and Lessons from Emerging Markets.<\/p>\n\n\n\n<p>16. Kholikov, Kh. (2025). The Role of Local Currency Government Bonds in Promoting Sustainable Economic Growth. Management, Marketing and Finance: International Scientific Journal, 2(8), 113\u2013121; data compiled from the official website of the Currency Exchange of the Republic of Uzbekistan, www.uzrvb.uz, and the Central Bank of the Republic of Uzbekistan, https:\/\/cbu.uz\/en\/.<\/p>\n\n\n\n<p>17. Kholikov, Kh. Improving the Enhancement of Liquidity and the Promotion of Investor Participation in the Primary and Secondary Markets for Government Securities. Management, Marketing and Finance: International Scientific Journal.<\/p>\n\n\n\n<p>18. Asian Development Bank (2020). Developing Local Currency Bond Markets in Asia. ADB Report. <a href=\"https:\/\/www.adb.org\/publications\/developing-local-currency-bond-markets-asia\">https:\/\/www.adb.org\/publications\/developing-local-currency-bond-markets-asia<\/a><\/p>\n\n\n\n<p>19. World Bank (2018\/2023). Developing Government Bond Markets: A Handbook. World Bank Treasury. <a href=\"https:\/\/openknowledge.worldbank.org\/handle\/10986\/13865\">https:\/\/openknowledge.worldbank.org\/handle\/10986\/13865<\/a><\/p>\n\n\n\n<p>20. IMF (2021). Government Bond Market Development in Emerging Economies.<\/p>\n\n\n\n<p>21. The official website of the Currency Exchange of the Republic of Uzbekistan \u2014 <a href=\"http:\/\/www.uzrvb.uz\">www.uzrvb.uz<\/a><\/p>\n\n\n\n<p>22. The official website of the Central Bank of the Republic of Uzbekistan \u2014 <a href=\"https:\/\/cbu.uz\/en\/\">https:\/\/cbu.uz\/en\/<\/a><\/p>\n\n\n\n<p>23. Central Bank of the Republic of Uzbekistan (2026). Primary auction register of government securities in circulation as of 03.08.2026 (Central Bank bonds, Ministry of Finance treasury bonds, and Ministry of Finance special bonds); author&#8217;s dataset and calculations.<\/p>\n\n\n\n<p>24. Bank of Japan (2023). Financial Markets Report.<\/p>\n\n\n\n<p>25. Bank Negara Malaysia (2022). Annual Report 2022. <a href=\"https:\/\/www.bnm.gov.my\/-\/ar2022_en_pr\">https:\/\/www.bnm.gov.my\/-\/ar2022_en_pr<\/a><\/p>\n\n\n\n<p>26. Ministry of Economy and Finance of Korea. Korea Treasury Bond (KTB) official information portal. <a href=\"https:\/\/ktb.moef.go.kr\/eng\/abtKtbs.do\">https:\/\/ktb.moef.go.kr\/eng\/abtKtbs.do<\/a><\/p>\n\n\n\n<p>27. Central Bank of Chile (2023). Financial Stability Report, First Half 2023. <a href=\"https:\/\/www.bcentral.cl\/en\/content\/-\/detalle\/informe-de-estabilidad-financiera-primer-semestre-2023\">https:\/\/www.bcentral.cl\/en\/content\/-\/detalle\/informe-de-estabilidad-financiera-primer-semestre-2023<\/a><\/p>\n\n\n\n<p>28. U.S. Department of the Treasury (2024). Quarterly Refunding Documents. <a href=\"https:\/\/home.treasury.gov\/policy-issues\/financing-the-government\/quarterly-refunding\/most-recent-quarterly-refunding-documents\">https:\/\/home.treasury.gov\/policy-issues\/financing-the-government\/quarterly-refunding\/most-recent-quarterly-refunding-documents<\/a><\/p>\n\n\n\n<p>29. Banco de M\u00e9xico. El mercado de valores gubernamentales en M\u00e9xico. <a href=\"https:\/\/www.banxico.org.mx\/elib\/mercado-valores-gub-en\/OEBPS\/Text\/ien.html\">https:\/\/www.banxico.org.mx\/elib\/mercado-valores-gub-en\/OEBPS\/Text\/ien.html<\/a><\/p>\n\n\n\n<p>30. Reserve Bank of India (2022). Retail Direct Scheme: Annual Review.<\/p>\n\n\n\n<p>31. Ministry of Finance of Indonesia (2023). Green Sukuk Allocation and Impact Report 2023. <a href=\"https:\/\/ukifc.com\/2024\/01\/23\/ministry-of-finance-indonesia-green-sukuk-allocation-and-impact-report-2023-market-report-the-knowledge-portal\/\">https:\/\/ukifc.com\/2024\/01\/23\/ministry-of-finance-indonesia-green-sukuk-allocation-and-impact-report-2023-market-report-the-knowledge-portal\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kholikov Khamidulla Senior specialist, &nbsp;the Central Bank of the Republic of Uzbekistan, PhD Email: khamidullakholikov@gmail.com Abstract: Government securities market (GSM) operations, meaning&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-2015","post","type-post","status-publish","format-standard","hentry","category-2026-yil-4-son"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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