The Central Bank of the Republic of Uzbekistan has taken a significant step towards easing currency control regulations. Uzbekistan residents will now have expanded opportunities to invest in the U.S. economy. This new policy and liberalization measures will officially come into effect on January 1, 2026.
Investments: What is allowed?
It is important to note that this change does not imply that ordinary citizens can freely purchase shares of giant companies like Apple or Tesla on the stock exchange. The Central Bank has so far authorized operations within narrower and more specific directions:
- Formation of charter capital: Participation in the initial capital of foreign companies in the U.S.
- Financing subsidiaries: Allocating funds to branches and divisions abroad.
- Direct investments: These processes will primarily be carried out through legal entities, holdings, and specialized project companies.
According to Farrukh Khojayev, head of the "Kapital Deposit" investment company, the funds will be transferred through accounts in Uzbek banks. This is not about providing small-scale investors free access to the stock market, but rather an opportunity to develop business structures.
“Sandbox regime” and market outlook
During a meeting chaired by President Shavkat Mirziyoyev, revolutionary proposals to further revitalize the capital market were highlighted. These included:
1. “Sandbox regime”: Introducing participation terms without restrictions for foreign investors.
2. Global asset trading: Enabling the local market to trade in shares and bonds of foreign companies.
3. Currency bonds: Allowing local enterprises to issue securities in foreign currency and introducing dual listing (being listed on two exchanges).
Arnold Vdovkin (expert from "Avesta Investment Group") commented: “These measures will provide a strong impetus to the local capital market. Especially for retail investors, the opportunity to access global financial instruments will elevate the market to a new level.”
Control and Security
The Central Bank has initially focused on business and strategic investments, opting for a gradual path toward liberalizing mass investments. All processes will be carried out under strict legal regulation and direct supervision of the regulator, ensuring the security of funds.
Experts believe that these reforms will accelerate Uzbekistan’s integration into the international financial system and open new horizons for local entrepreneurs.
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