The Ministry of Finance of Uzbekistan for the first time placed five-year government bonds on the Republican Currency Exchange. The demand for them increased 1.7 times on the same day and exceeded the supply.
The Sputnik experts told who will be helped by government bonds in the first place — business or the population, what is the reason for such a high demand for them, what other high-quality financial mechanisms can Uzbekistan use for the development of the economy.
Alexander Murychev, Chairman of the Board of the FBA EAC, Executive Vice-President of the Russian Union of Industrialists and Entrepreneurs, believes that the increased demand for government bonds shows some confidence in the stability of the monetary policy pursued by the Central Bank of Uzbekistan, taking into account the annual inflation target of 5% set for the end of 2023. This suggests that stockholders can expect a good return. But the expert notes that in ordinary auctions when placing government bonds, from 7 dealers take part, here only three exchange intermediaries participated in the auction. 
"Apparently, the Uzbek market needs time to adapt to new opportunities and review its investment horizons. But the very fact of the successful issuance of these debt obligations for a period of more than one year, of course, is a positive point and provides the budget of Uzbekistan with long resources, which the country now clearly lacks," said Alexander Murychev.