147
Foydalanilgan adabi
yotlar ro’yxati
:
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Chapra, M. U. (2009). The Global Financial Crisis: Can Islamic Finance Help Minimise the
Severity and Frequency of Such a Crisis in Future. ICR Journal, 1(2), 226
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https://doi.org/10.52282/icr.v1i2.745
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Grira, J., & Labidi, C. (2021). Banks, Funds, and risks in islamic finance: Literature & future
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Barberis, N., & Thaler, R. (2003). A survey of behavioral finance. Handbook of the
Economics of Finance, 1, 1053-1128.
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Hirshleifer, D. (2015). Behavioral finance. Annual Review of Financial Economics, 7, 133-
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Ritter, J. R. (2003). Behavioral finance. Pacific-Basin finance journal, 11(4), 429-437.
6.
Statman, M. (2008). What is behavioral finance. Handbook of finance, 2(9), 79-84.
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PROSPECT FOR THE DEVELOPMENT OF THE FINANCIAL MARKET AND
IMPROVING FINANCIAL LITERACY IN IPROVING THE WELFARE OF THE
POPULATION
Askharov Farhod Raxmatovich
Fergana Polytechnic Institute,
Master's in Economics student
The prospect for the development of the financial market and improving
financial literacy holds great potential for enhancing the welfare of the
population. The government of the Republic of Uzbekistan has demonstrated a
commitment to developing financial markets and promoting financial literacy
through the issuance of numerous legislative norms and regulations. These
measures reflect the government's recognition of the importance of a robust and
inclusive financial system in driving economic growth and stability.
To diversify external sources of financing, Decree No. DP-3877, issued on July
21, 2018, introduced additional measures. This decree aimed to attract foreign
investments and expand the options available for financing projects and
initiatives in Uzbekistan. Recognizing the importance of aligning financial
reporting with international standards, Decree No. PQ-4611, dated February 24,
2020, introduced measures to ensure compliance with global reporting practices.
This step was crucial in enhancing transparency, facilitating cross-border
transactions, and improving the confidence of international investors in the
Uzbekistan market [1][6]. Furthermore, the government's commitment to long-
term development is evident in Decree No. PF-60, issued on January 28, 2022.
This decree outlined the Development Strategy of New Uzbekistan for 2022-2026,
providing a comprehensive roadmap for achieving key objectives in various
sectors, including finance. It demonstrates the government's proactive approach
in setting strategic goals and implementing policies to drive sustainable economic
growth and development [7].
148
Lastly, Decree No. PQ-291, dated September 2, 2023, focused on additional
measures to develop the capital market. With an entry into force date of
September 4, 2023, this decree highlights the government's ongoing efforts to
strengthen the capital market infrastructure, enhance investor protection, and
foster an environment conducive to investment and growth. Overall, the issuance
of these legislative norms and regulations reflects the government's commitment
to creating a well-functioning financial system and promoting financial literacy in
Uzbekistan. By addressing various aspects such as market development,
competition, financing sources, international standards, and long-term strategies,
the government aims to create an enabling environment for economic prosperity
and stability [8].
Developing financial literacy is crucial for the overall development of any
economy, including Uzbekistan. Financial literacy equips individuals with the
knowledge and skills necessary to make informed financial decisions, manage
their personal finances effectively, and participate actively in the economy. By
focusing on improving the quality of education in the financial sector, the public
sector plays a crucial role in ensuring that individuals receive comprehensive and
up-to-date knowledge in areas such as financial management, banking,
investments, and financial regulations. This, in turn, enhances the overall
competency and professionalism of individuals working in the financial industry
and contributes to the development of a skilled and capable workforce.
The combined efforts of both private tuition providers and the public sector
in increasing the quality of financial education are positive indicators for the
development of financial literacy in Uzbekistan. By expanding access to education
and improving the competency of individuals in the financial sector, Uzbekistan
is equipping its citizens with the necessary tools to effectively participate in the
economy, make sound financial decisions, and contribute to the overall economic
development of the country [2]. Continued collaboration between the private and
public sectors, along with ongoing efforts to promote financial literacy, will
further strengthen the financial sector in Uzbekistan and support the sustainable
growth and development of the economy.
Uzbekistan has been experiencing significant developments in its financial
markets in recent years. Let's take a look at the progress made in various market
types:
Stock Market: The Uzbekistan Stock Exchange (UZSE) is the primary stock
exchange in the country. In 2019, the government launched a major economic
reform program, including the liberalization of the stock market. As a result, the
market has been gradually opening up to foreign investors, and the number of
listed companies has been increasing. The UZSE has implemented measures to
improve transparency, liquidity, and investor protection.
Bond Market: The development of the bond market in Uzbekistan has gained
momentum in recent years. The government has been actively issuing local
currency bonds to finance public infrastructure projects and reduce reliance on
bank loans. The bond market has been expanded to include corporate bonds, and
149
efforts are being made to enhance the secondary market liquidity and improve
the regulatory framework.
Foreign Exchange Market: Uzbekistan has taken steps to liberalize its foreign
exchange market and promote currency convertibility. In 2017, the government
introduced a market-based currency exchange rate system, allowing the Uzbek
som to float against other currencies. This move aimed to attract foreign
investment, increase transparency, and reduce the black market.
Money Market: The money market in Uzbekistan has seen progress with the
development of short-term money market instruments. The government has
actively issued Treasury bills to manage liquidity and provide investment
opportunities for market participants. The Central Bank has implemented
measures to enhance the efficiency and stability of the money market.
Commodities Market: The development of a commodities market in
Uzbekistan is still in its early stages. However, the government has been taking
steps to promote the agricultural sector and boost commodity trading. Initiatives
are underway to establish commodity exchanges and improve market
infrastructure to facilitate trading in agricultural products and other
commodities.
Derivatives Market: The derivatives market in Uzbekistan is still in the
nascent stage. Efforts are being made to develop derivative instruments and
establish a legal and regulatory framework for their trading. The introduction of
derivatives would enable market participants to manage risks more effectively
and provide avenues for speculation and hedging.
Real Estate Market: The real estate market in Uzbekistan has been
experiencing growth, driven by economic reforms and increased investment. The
government has implemented measures to simplify procedures for property
registration and improve transparency in real estate transactions. Foreign
investors have also shown interest in the market, leading to the development of
commercial and residential properties.
It should be noted that for the development of the stock market, it is
necessary to expand the scope of its participants. One way to attract and increase
the number of different issuers in the stock exchange is to create criteria for
different types of issuers. If issuers on the stock exchange increase, and bonds and
shares are issued by them and are profitable, the interest in buying them will
increase, and as a result, the balancing of shares of banks and stock exchanges in
the gross domestic product will be ensured. Also, increasing financial literacy
among the population plays a special role in the development of the stock market.
At the same time, it is advisable to use advanced foreign experience in the
direction of depository activity development. Among these are the introduction
of international payments in the process of trading with securities, the
maintenance of deposit accounts of foreign investors, the development of its rules,
and the improvement of the relevant legal framework[3].
According to the decision of the Cabinet of Ministers of the Republic of
Uzbekistan dated May 10, 2017, № 268 “On the organization of public offering of
150
shares on the Stock Exchange”, shares of the two joint
-stock companies were
offered publicly as the first experienc
e: JSC “Quartz” as an initiator and
form of
realization was IPO. The second joint stock company was JSC “Kokand mexanika
zavodi”, the initiator of public placement was JSC “Uzneftegazmash”, form of
realization was SPO. National Bank for Foreign Economic Activity organized the
public offering of shares for both of them. IPO and SPO events require the
introduction of a selection process through which an underwriter can be selected.
This, first of all, along with ensuring a high level of public offers of shares of
societies, will serve as the basis for the development of underwriting activities in
our country. After all, where there is competition, there will be development[4].
According to the State Statistics Committee's data, during the first seven
months of 2023, financial services, excluding insurance and pension provision
services, accounted for 88.4% of the total volume of financial services. According
to the data available up to January-July 2023, insurance services accounted for
7.3% of the total, while auxiliary services accounted for 4.3% of the total volume
of financial and insurance services.
During the period from January to June 2023, the volume of financial
services amounted to 50,014.4 billion so'm, accounting for 23.5% of the total
volume of services, which is one of the highest indicators compared to other types
of services. The growth rate of financial services was recorded at 122.7%. In terms
of the overall volume of financial services, Tashkent city had the largest share,
accounting for 55.6% or 27,808.7 billion so'm. Compared to the period from
January to June 2022, Bukhara region experienced a high growth rate of
138.5%.[5]
As Uzbekistan transitions to a market economy, the development of financial
markets and the promotion of financial literacy are essential for economic growth,
investor confidence, and individual empowerment. By prioritizing financial
education, establishing a robust regulatory framework, and promoting financial
inclusion, Uzbekistan can unlock the full potential of its citizens and attract
investments. The government, financial institutions, educational institutions, and
civil society must work together to ensure that financial markets operate
efficiently, transparently, and in the best interests of all stakeholders. Through
these concerted efforts, Uzbekistan can successfully navigate its economic
transition and achieve long-term economic wellbeing and prosperity.
Overall, Uzbekistan has made significant strides in developing its financial
markets, including the stock market, bond market, foreign exchange market,
money market, commodities market, derivatives market, and real estate market.
These developments are aimed at attracting investment, improving market
efficiency, and fostering economic growth in the country.
References:
1
. Tohirovich, Q. N. (2021).
Xalqaro moliyaviy hisob standartlariga o‘tish dolzarbligi.
Nazariy va amaliy tadqiqotlar xalqaro jurnali, 1(2), 56-64.
2. Yusuf To‘xtasin o‘g, Q., Mansur o‘g‘li, S. B., & Burxon o‘g‘li, F. X. (2022). MOLIYAVIY
BARQARORLIK TAHLILI.
Новости образования: исследование в XXI веке
, 1(4), 667-670.
151
3. Ataniyazov, J., & Sayfullokhon, N. (2022). Stock Market in Uzbekistan: Current Situation
and Development Prospects. British Journal of Multidisciplinary and Advanced Studies, 3(1), 1-10.
4. Karimov, N. (2020). Prospects for the development of the stock market: the first IPO and
SPO analysis conducted by the companies of Uzbekistan.
Архив научных исследований
, 33(1).
5.https://stat.uz/uz/matbuot-markazi/qo-mita-yangiliklar/7463-2020-yilda-45-817-3-
mlrd-so-mlik-moliyaviy-xizmatlar-ko-rsatilgan
6. Decree No. PQ-
4611 of the President of the Republic of Uzbekistan, dated 24.02.2020, “On
additional measures to align financ
ial reporting with international standards.”
7. Decree No. PF-60 of the Preside
nt of the Republic of Uzbekistan, dated 28.01.2022, “On the
Development Strategy of New Uzbekistan for 2022-
2026.”
8. Decree No. PQ-291 of the President of the Republic of Uzbek
istan, dated 02.09.2023, “On
additional measures to develop the capital market”
, entry into force date 04.09.2023.
TIJORAT BANKLAR FAOLIYATINI BAHOLASH USULLARI
Burxonov Asliddin Asqar o‘g‘
li
O‘
zbekiston Respublikasi Bank-moliya akademiyasi
“Bank hisobi, auditi va nazorati” yo`nalishi tinglovchisi
Bugungi kunda bozor iqtisodiyotini, jumladan, tijorat bank sektorini davlat
tomonidan tartibga solish konsepsiyasini takomillashtirish zarurligi xolisona
ta’kidlanmoqda. Hozirgi tuzum favqulodda sharoitlarda rivojlanib, eskirgan
iqtisodiy va ijtimoiy munosabatlarni barbod qildi. Bugungi kunda tijorat bank
sektorin faoliyatining har qanday davlat rivojlanishining eng muhim ustuvor
yo‘nalishlari qatoriga kiritish mumkin. Ushbu sektorning samarali ishlashi butun
iqtisodiyotni rivojlantirish vektorini belgilayd
i. Jahon iqtisodiyotida ro‘y
b
erayotgan o‘zgarishlar munosabati bilan tijorat bank segmenti faoliyatida keskin
o‘zgarishlar ro‘y bermoqda.
Mamlakatimizda so‘nggi yillarda makroiqtisodiy o‘sishning barqaror
sur’atlariga erishilishi iqtisodiyot tarmoqlarida
faoliyat yurituvchi sub’ektla
rning
moliyaviy resurslarga bo‘lgan ehtiyojini qoplash maqsadida ularga ajratiladigan
kreditlar hajmining oshishini ta’minladi.
So'nggi 5 yil davomida tijorat banklarining jami aktivlari 3,1 barobarga,
iqtisodiyotning real sektoriga yo'naltirilgan kredit qo'yilmalari umumiy qiymati
esa 3,7 barobarga ko'paydi va bu holat bank tizimining iqtisodiy o'sishni
rag'batlantirishdagi rolining tobora oshib borayotganligini ko'rsatmoqda. 2022
yilda iqtisodiyot real sektorini moliyaviy qo'llab-quvvatlash uchun yo'naltirilgan
uzoq muddatli kreditlar hajmi 2021 yildagiga nisbatan 27,7 foizga oshib, ularning
tijorat banklari jami kredit portfelidagi salmog'i 79,8 foizni tashkil etdi.
Tijorat banklari tomonidan kreditlash amaliyotini oqilona tashkil etilishi
bankning barqaror daromad olishini hamda milliy iqtisodiyotning rivojlanishini
moliyaviy ta’minlashning asosiy manbai sifatida xizmat qiladi.
Muammoli kreditlar hajmi biroz kamayib 17,1 trln so’m ya‘ni 4,7%ni tashkil
etadi. Sentabr oyida
ularning ko’rsatkichi 17,4 trln so’m edi.
Shundan 14,7 trln
so’mi davlat ulushi mavjud banklarga, qolgan 2,3 trln so’mi xususiy banklar
hissasiga to’g’ri keladi.
