ANALYSIS OF PROBLEMS AND SHORTCOMINGS IN UZBEKISTAN’S CAPITAL MARKET

Authors

DOI:

https://doi.org/10.60078/2992-877X-2025-vol3-iss1-pp146-154

Abstract

This article analyzes the level of development of Uzbekistan's securities market, as well as existing problems and shortcomings. The study examines the current state of the stock market, the activities of government and private sector securities, and their economic efficiency. Key issues identified include the low liquidity of the securities market, the limited range of investment instruments, weak integration into international financial markets, and a lack of financial literacy. Additionally, the article explores factors such as the underdevelopment of capital market infrastructure, information asymmetry, and the limited opportunities for Islamic finance.

Keywords:

securities capital market liquidity financial literacy investment

References

Birja (2023). Biz haqimizda. [online] Available at: https://www.uzrvb.uz/oz/o-birzhe/about/

Birja (2023). АО ‘Узбекская республиканская валютная биржа’. Valyuta fyucherslari. [online] Available at: https://uzrvb.uz/oz/bozorlar-va-savdolar/derivativlar-bozori/currency-futures/

Bobakulov T.I. (2024) “Moliya sektorini milliy iqtisodiyotni rivojlantirish-dagi rolini oshirishning dolzarb mummolari”, "Moliya bozorini rivojlantirishning ustuvor yo‘nalishlari, zamonaviy tendensiyalari va istiqbollari" mavzusidagi III respublika ilmiy-amaliy konferensiyasi, 71-78 betlar.

Hisobot (2024) O’zbekiston Respublikasi Markaziy banki “Pul-kredit sharxi”, 2024-yil II chorak hisoboti.

Openinfo.uz. (2025). openinfo.uz | Single portal of corporate information. [online] Available at: https://new.openinfo.uz/home

Padungsaksawasdi, C., & Treepongkaruna, S. (2023) “Investor Attention and Global Stock Market Volatility: Evidence from COVID-19”. Journal of Emerging Market Finance, 22(1), 85–104.

Setiawan et al., (2021) “Financial Market Development and Economic Growth: Evidence From Asean and Cee Region”, Polish Journal Of Management Studies, Vol 23, N 2, 2021

The World Bank (2024). Indicators | Data. [online] Worldbank.org. Available at: https://data.worldbank.org/indicator.

Uzse.uz. (2025). Republican Stock Exchange ‘Toshkent’. [online] Available at: https://www.uzse.uz.

Vaxabov va boshqalar (2013), “Moliyaviy savonxonlik asoslari”, O’quv qo’llanma, Baktiriya press, Toshkent, 288 bet.

www.ceicdata.com. (n.d.). Uzbekistan Market Capitalization, 2010 – 2023 | CEIC Data. [online] Available at: https://www.ceicdata.com/en/indicator/uzbekistan/market-capitalization.

Xudoyqulov (2022), “O‘zbekistonda fond bozorini tizimli riskini baholash amaliyot”, “UzBridge” elektron jurnali, I son, May, 115-122 betlar

Downloads

Published

How to Cite

Sindarov, F. (2025). ANALYSIS OF PROBLEMS AND SHORTCOMINGS IN UZBEKISTAN’S CAPITAL MARKET. In Economic development and analysis. https://doi.org/10.60078/2992-877X-2025-vol3-iss1-pp146-154