22 July 2025
The opportunity to use UzMRC's bonds as a REPO instrument has been introduced.
In accordance with Presidential Decree No. PD-26 of the Republic of Uzbekistan dated February 21, 2025, the use of the UzMRC's corporate bonds and mortgage-backed bonds issued by a specially authorized organization as REPO instruments has been enabled.
Within the framework of this decree, the practice of using UzMRC's bonds alongside government securities in REPO operations between the Central Bank and commercial banks has been introduced. This practice was successfully tested via the “Uzbekistan Republican Currency Exchange” JSC (UzRCE) platform.
As part of the UzMRC's second bond issuance, “Hamkorbank” JSCB, an investor in the corporate bonds, successfully conducted a REPO operation with the Central Bank on July 16 of this year using a portion of the acquired bonds through the UzRCE platform.
For liquidity provision operations, the Central Bank has set the following haircut rates for the UzMRC's bonds:
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Mortgage-backed bonds — 10%
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Corporate bonds — 20%
The introduction of the REPO mechanism represents an important step toward developing the local capital market, expanding long-term financing sources for commercial banks, and increasing the attractiveness of the UzMRC's bonds.
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