Amendments and Additions to the Regulation on the Issuance and Circulation of Uzbekistan Republic Central Bank Bonds

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 24.01.2026, registration number 3080-2

Date of Entry into Force

26.01.2026

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[OKOZ:

1.21.00.00.00 Complex documents for amendments and additions / 21.04.00.00 Departmental normative legal documents]

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1. Finance / Securities. Securities market]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Regulation on the Procedure for the Issuance and Circulation of Bonds of the Republic of Uzbekistan Central Bank

[Registered by the Ministry of Justice of the Republic of Uzbekistan on January 24, 2026, registration number 3080-2]

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and Resolution of the President of the Republic of Uzbekistan dated September 2, 2023, No. PQ-291 "On Additional Measures for the Development of the Capital Market," the Board of the Central Bank of the Republic of Uzbekistan has decided:

1. Amendments and additions shall be made to the Annex to the Regulation on the Procedure for the Issuance and Circulation of Bonds of the Republic of Uzbekistan Central Bank, approved by Resolution No. 30/14 of the Board of the Central Bank of the Republic of Uzbekistan dated September 22, 2018 (registration number 3080, October 25, 2018) (National Database of Legal Information, October 27, 2018, No. 10/18/3080/2114).

2. This resolution enters into force from the date of its official publication.

First Deputy Chairman N. SAYDULLAYEV

Tashkent city,

January 5, 2026,

No. 37/4

Annex to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026, No. 37/4

Amendments and Additions to the Regulation on the Procedure for the Issuance and Circulation of Bonds of the Republic of Uzbekistan Central Bank

1. The Preamble shall be stated in the following wording:

"This Regulation establishes the procedure for the issuance, placement, and redemption of Central Bank bonds by the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank in the text) for the purpose of regulating the liquidity of the banking system and increasing the effectiveness of monetary policy interest rate instruments."

2. In Article 1:

the fourth and fifth bullet points shall be stated in the following wording:

"currency exchange — a legal entity organizing exchange trading for the purchase and sale of foreign currency, state securities, financial derivative instruments (derivatives), and other exchange transactions related thereto, as well as the interbank money market and credit and deposit auctions conducted by the Central Bank with commercial banks, including microfinance banks (hereinafter referred to as banks in the text);

trading system — an automated electronic system of the currency exchange that ensures the organization of electronic trading for bonds;";

the sixth and seventh bullet points shall be supplemented with the following content:

"National Clearing Center — an organization conducting clearing and centralized clearing operations and acting as a central counterparty;

Central Securities Depository (hereinafter referred to as the Central Depository in the text) — an organization providing a unified system for the storage of securities in deposit accounts, the accounting of rights to such securities, and the movement of securities;";

the sixth through twelfth bullet points shall be renumbered as the eighth through fourteenth bullet points, respectively;

the eighth and ninth bullet points shall be stated in the following wording:

"Master Agreement — a mutual agreement establishing the general terms and procedures for operations involving bonds, concluded between the Central Bank and banks, as well as between banks and the currency exchange, the Central Depository, and the National Clearing Center;

dealer — banks conducting operations involving bonds based on the Master Agreement;";

the words "commercial banks" in the tenth through twelfth bullet points shall be replaced with the word "banks";

the words "of commercial banks" in the thirteenth bullet point shall be replaced with the word "of banks";

the fourteenth bullet point shall be stated in the following wording:

"REPO Agreement — a bilateral agreement for the sale (purchase) (first part of the REPO Agreement) with the condition of repurchasing (selling) the bonds at a specified term and price (second part of the REPO Agreement)."

3. In Article 3, the words "collateral and" shall be supplemented with the words "concluded between dealers".

4. Article 5 shall be supplemented with the following bullet points:

"A global certificate is formalized in two original copies, one copy is stored at the Central Bank, and the second copy is stored at the Central Depository.

After the global certificate is formalized, the Central Bank issues an instruction to the Central Depository to place the full volume of the bonds being issued into the emission deposit account intended for the placement of bonds."

5. In Article 6, the words "term" in the fourth through seventh bullet points shall be replaced with the word "maturity".

6. Article 8 shall be stated in the following wording:

"8. All operations involving bonds are carried out through the trading system in accordance with the exchange trading rules developed by the currency exchange, except for the operation specified in Article 101 of this Regulation."

7. The words "commercial banks" in the first bullet point of Article 10 and in Article 22 shall be replaced with the word "banks".

8. Article 101 shall be supplemented with the following content:

"101. The Central Bank places bonds by transferring them from its emission deposit account to a deposit account for the purpose of buying and selling in secondary markets."

9. Article 13 shall be stated in the following wording:

"13. Information regarding the terms of auction sales for the placement of bonds is published on the official website of the Central Bank at least one working day before the day the auction sales are held, except for auction sales held for the purpose of stabilizing unexpected liquidity fluctuations in banks."

10. The words "commercial banks" and "from a commercial bank" in Article 18 shall be replaced with the words "banks" and "from a bank", respectively.

11. The words "of commercial banks" in Article 23 and in the first bullet point of Article 25 shall be replaced with the word "of banks".

12. Article 28 shall be stated in the following wording:

"28. Purchase and sale operations between dealers are carried out for bonds purchased as a result of auction sales in the secondary market of bonds and placed in accordance with the rule specified in Article 101 of this Regulation."

13. In Article 30, the words "in accordance with the rules" shall be supplemented with the words "with the participation of a central counterparty or without the participation of a central counterparty".

14. Article 36 shall be stated in the following wording:

"36. When each exchange transaction is concluded, the trading system registers it, assigns a registration number to it, and provides a copy of the register of exchange transactions to the trading participants. Additionally, the trading system provides the register of exchange transactions to the National Clearing Center for the purpose of clarifying the claims and obligations of trading participants."

15. The words "at the currency exchange" in Article 39 shall be replaced with the words "at the Central Depository".

16. Articles 40 through 42 shall be stated in the following wording:

"40. Settlements for bonds are carried out by the following entities based on a clearing order formed on the basis of the register of exchange transactions:

by the National Clearing Center for transactions concluded with the participation of a central counterparty;

by the Central Depository or the Central Bank for transactions concluded without the participation of a central counterparty.

41. The transfer of bonds to the buyer's deposit account and the transfer of funds to the seller's account are carried out based on the "Delivery versus Payment" (DVP) principle, except for the operation specified in Article 101 of this Regulation.

The placement of bonds by transferring them from the Central Bank's emission deposit account to its own deposit account in accordance with the rule specified in Article 101 of this Regulation is carried out without the transfer of funds (Free of Payment — FOP).

42. Ownership of bonds is granted to the buyer and confirmed by a copy of the deposit account after the corresponding credit entry is made to the buyer's deposit account."

17. The words "Currency Exchange" and "in the deposit" in Article 46 shall be replaced with the words "Central Depository" and "in the deposit account", respectively.

18. The words "of the Currency Exchange at the Separate Settlement Cash Center of the Central Bank of the Republic of Uzbekistan in Tashkent City" in Article 47 shall be replaced with the words "Representation Office of the Central Depository opened at the Central Bank".

19. The words "Currency Exchange" in Articles 48 and 49 shall be replaced with the words "Central Depository".

20. In Article 50, the words "on the next working day" shall be supplemented with the words "or in advance".

21. Articles 51 and 52 shall be stated in the following wording:

"51. The Central Bank places an order in the trading system for the purchase of the full volume of bonds at nominal value for redemption, or issues an instruction to the Central Depository to account for the bonds to be redeemed.

52. Redeemed bonds of the Central Bank are transferred to the Central Bank's emission deposit account by the Central Depository."

(National Database of Legal Information, January 26, 2026, No. 10/26/3080-2/2075)