The Central Bank of Uzbekistan began using seven-day repo auctions as the primary tool for absorbing liquidity, starting from July 16, 2026. This move marked a departure from holding auctions for Central Bank seven-day bonds.
The regulator stated that this decision was made in accordance with recommendations received from the International Monetary Fund, the European Bank for Reconstruction and Development, and the international consulting firm OG Research.
Under the new structure, the value of bonds used as collateral in repo operations will be determined by the Central Bank based on the yield curve. Furthermore, the requirement that bonds participating in repo transactions must mature no earlier than five calendar days after the completion of the second part of the repo agreement has been abolished.
Restrictions on trading bonds in the secondary market, which banks acquired through repo auctions during the term of the transaction, have also been lifted. The regulator now has the ability to fine-tune repo auctions to smooth out unplanned liquidity fluctuations in the banking system.
The Central Bank introduced additional accounting procedures regulating the issuance and circulation of its bonds. According to the regulator, all these changes are aimed at improving the management of excess liquidity in the banking system and strengthening the monetary policy transmission mechanism.
The Central Bank of Uzbekistan has amended the country's currency legislation, simplifying the process that enterprises must undergo when using foreign currency acquired on the local market.
These amendments were officially registered by the Ministry of Justice on July 16 under number 3281-6. They concern point 28 of the Currency Operations Rules, which regulates the use of funds held in special foreign currency accounts.
Previously, funds deposited into such accounts could only be used for the purposes specified in the application submitted when purchasing the currency. If a company needed to use the purchased currency to fulfill obligations under another contract, the existing regulations required first selling this currency to a commercial bank and then repurchasing it for a new purpose.
Under the updated regulations, enterprises now have the right to change the intended use of foreign currency purchased on the domestic currency market. The Ministry of Justice notes that these changes are aimed at increasing convenience for entrepreneurs and improving the flexibility of currency transactions.
Earlier, in June, the Chairman of the Central Bank, Timur Ishmetov, approved separate amendments concerning currency operations related to capital movement. These changes allow individuals to transfer up to $10,000 abroad annually without prior approval to participate in the charter capital of foreign companies or acquire shares in them.
Transfers to foreign brokerage and investment accounts are permitted only through licensed investment intermediaries operating in Uzbekistan. For state enterprises and their subsidiaries, the annual volume of foreign investments is limited to $100,000, including investments in foreign companies, as well as the establishment of branches, representative offices, and trading houses abroad. The corresponding annual limit for private companies is set at $200,000.
The joint-stock company Uzbekneftegaz held an operational meeting for the first half of 2026 under the chairmanship of Chairman of the Board of Directors Abdugani Sanginov. During this meeting, the board of directors analyzed the company's financial and production results and determined strategic goals for the remainder of the year.
According to the company's press service, the total volume of corporate debt was successfully reduced from 3.1 to 2.7 by the end of 2025. By refinancing existing obligations on more favorable terms and early repayment of high-interest loans, Uzbekneftegaz saved 219 billion soums on interest payments. Furthermore, accounts receivable decreased by 1.2 trillion soums compared to the beginning of the year, and operating expenses were optimized by 1 trillion soums relative to initial forecasts, despite a recent increase in employee salaries across the system.
Regional oil bases of the company showed positive financial turnover. If 14 distribution oil bases finished the reporting period in the first half of 2025 with a cumulative net loss of 36.5 billion soums, then in the first half of 2026, these same bases managed to sell 250,000 tons of gasoline and 114,000 tons of diesel fuel, generating a net profit of 5.4 billion soums. Management attributes this recovery to deep structural reforms, full digitalization of supply chain tracking, and improved corporate governance.
Nevertheless, serious shortfalls in production plans were addressed at the meeting. The company failed to meet target indicators for diesel and fuel oil production due to raw material import restrictions caused by the unstable global geopolitical situation. Management instructed relevant departments to take measures to eliminate these deficits before the end of the current year.
Special attention was paid to preparing infrastructure for the autumn-winter period. Given the anomalous weather phenomena and strong winds observed in Central Asia in recent years, enterprises were instructed to ensure uninterrupted production activities and create reliable, preemptive stocks of lubricants, motor fuel, and automotive gasoline. In the field of natural gas production, the board of directors ordered a technical examination of wells that were decommissioned or suspended, with the aim of reactivating technically capable facilities. In the future, the company will introduce hourly monitoring of the performance of each active well. Directors overseeing unauthorized reductions in production or processing volumes must provide official written explanations detailing immediate corrective actions.
In the second half of the year, the company's management will focus on accelerating winterization programs, implementing strict energy-saving systems, developing internal electricity sources, and activating joint investment projects with partners from China. Additionally, as part of the initiative to improve working conditions for employees, the company plans to renovate and commission 26 workers' dormitories and 17 mobile trailer homes by the end of the year.
Large repo operations involving corporate bonds of the Mortgage Refinancing Company of Uzbekistan (MRCU) totaling 65.5 billion sums were conducted on the Republican Stock Exchange of Tashkent.
These operations represent another step in developing the domestic capital market and increasing the liquidity of mortgage financing instruments. The deals took place on July 6, 2026, as part of fulfilling the tasks set by the Decree of the President of the Republic of Uzbekistan dated February 21, 2025, No. UP-26 'On Additional Measures for the Further Development of the Housing and Mortgage Market.'
This document provides for the placement of mortgage bonds through the stock exchange and the development of their trading on the secondary market. Conducting repo operations contributes to increasing the liquidity of the corporate and mortgage bond market, accelerating the turnover of financial funds, and expanding short-term financing opportunities for market participants.
According to specialists, the concluded deals also indicate growing investor interest in MRCU bonds and confirm the effectiveness of the trading infrastructure of the Republican Stock Exchange of Tashkent. This infrastructure allows for modern exchange operations with debt instruments.
The Republican Stock Exchange of Tashkent continues its work to develop the capital market, introduce modern financial instruments, and create conditions to increase the investment attractiveness of corporate and mortgage securities.
