Presidential Decree PF-254 sets targets for at least US$1 billion of stock-market investment and UZS 5 trillion of corporate-bond issuance by 2030. The program broadens eligible instruments and strengthens disclosure, licensing and investor-protection requirements.
Presidential Decree PF-254 establishes quantitative priorities for Uzbekistan’s capital market through 2030. The headline objective is to attract at least US$1 billion of additional investment into the stock market through modern financial instruments, including at least UZS 5 trillion of corporate-bond issuance.
The decree makes the capital-market regulatory sandbox open-ended and expands access for resident legal entities. Within the regime, the framework permits testing of foreign-currency corporate bonds, simultaneous local and international listings, local trading in selected foreign securities and, in specified cases, unsecured bond issuance above an issuer’s equity base.
Market expansion is paired with tighter conduct and institutional requirements. The program calls for an issuer-rating system based on transparency, disclosure and legal compliance, as well as stronger licensing standards for professional participants covering minimum capital, technology readiness, management competence and international AML/CFT expectations.
The targets are directionally important for issuers, intermediaries and institutional investors, but implementation will determine their economic value. Consistent issuance rules, reliable clearing and settlement, credible enforcement, investable disclosure and secondary-market liquidity are required to convert regulatory permission into repeatable equity and debt transactions.
This material is provided for general information only and does not constitute investment, legal or tax advice, or an offer or solicitation in any jurisdiction.