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

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on September 24, 2020, registration number 3080-1

Date of entry into force

24.09.2020

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[OKOZ:

1.07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]

[TSZ:

1. Finance / Securities. Securities Market]

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

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

[Registered by the Ministry of Justice of the Republic of Uzbekistan on September 24, 2020, registration number 3080-1]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", "On the Securities Market", and the Decree of the President of the Republic of Uzbekistan No. PF-5877 dated November 18, 2019 "On Improving Monetary Policy by Gradually Transitioning to an Inflation Targeting Regime", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments shall be made to the Appendix to the [Regulation](/docs/4025036?ONDATE=27.10.2018 00#4027750) on the Issuance and Circulation of Bonds of the Central Bank of the Republic of Uzbekistan, approved by Resolution No. 30/14-1 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 Acts of the Republic of Uzbekistan, October 27, 2018, No. 10/18/3080/2114-2).

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

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

September 7, 2020,

No. 18/15

Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 18/15 dated September 7, 2020

APPENDIX

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

1. [Paragraph 1](/docs/4025036?ONDATE=27.10.2018 00#4027790):

The [second bullet point](/docs/4025036?ONDATE=27.10.2018 00#4027796) shall be stated in the following wording:

"Central Bank bonds (hereinafter referred to as bonds in the text) are emission securities issued by the Central Bank in electronic form, granting the bondholder the right to receive income in the established manner;";

The words "interest rate" in the [ninth](/docs/4025036?ONDATE=27.10.2018 00#4027825) and [tenth bullet points](/docs/4025036?ONDATE=27.10.2018 00#4027826) shall be replaced with the word "price";

The [eleventh bullet point](/docs/4025036?ONDATE=27.10.2018 00#4027828) shall be stated in the following wording:

"clearing price — the minimum price offered in competitive orders of commercial banks satisfied as a result of auction sales;".

2. [Paragraph 4](/docs/4025036?ONDATE=27.10.2018 00#4027836) shall be stated in the following wording:

"4. Bonds are issued with a strictly defined coupon rate with the nominal value indicated in the national currency of the Republic of Uzbekistan, or in the form of discount bonds.

In this case, the difference between the nominal value and the purchase price of a discount bond is considered income for the dealer.".

3. The words "from the next day" in [Paragraph 9](/docs/4025036?ONDATE=27.10.2018 00#4027901) shall be replaced with the word "from the day".

4. [Paragraph 12](/docs/4025036?ONDATE=27.10.2018 00#4027926) shall be deemed lost force.

5. [Paragraph 13](/docs/4025036?ONDATE=27.10.2018 00#4027931) shall be stated in the following wording:

"13. Information on the terms of auction sales for bond placement shall be published on the official website of the Central Bank at least 1 working day before the day the auction sales are held.".

6. The words "interest rate" in [Paragraph 19](/docs/4025036?ONDATE=27.10.2018 00#4027996) shall be replaced with the word "price".

7. In [Paragraph 20](/docs/4025036?ONDATE=27.10.2018 00#4028006):

The words "interest rate" in the [first bullet point](/docs/4025036?ONDATE=27.10.2018 00#4028006) shall be replaced with the word "price";

The [second bullet point](/docs/4025036?ONDATE=27.10.2018 00#4028012) shall be stated in the following wording:

"The weighted average price is determined based on the prices of fully or partially satisfied competitive orders and the quantities of bonds purchased as a result of auction sales.".

8. In [Paragraph 21](/docs/4025036?ONDATE=27.10.2018 00#4028017):

The words "interest rates" in the [second bullet point](/docs/4025036?ONDATE=27.10.2018 00#4028021) shall be replaced with the word "prices";

The words "interest rate" in the [third bullet point](/docs/4025036?ONDATE=27.10.2018 00#4028026) shall be replaced with the word "price".

9. The words "in accordance with Appendix 2 to this Regulation" shall be deleted from [Paragraph 22](/docs/4025036?ONDATE=27.10.2018 00#4028028).

10. The words "interest rates" and "interest rate" in [Paragraph 23](/docs/4025036?ONDATE=27.10.2018 00#4028029) shall be replaced with the words "prices" and "price", respectively.

11. [Paragraphs 24](/docs/4025036?ONDATE=27.10.2018 00#4028030) and [25](/docs/4025036?ONDATE=27.10.2018 00#4028031) shall be stated in the following wording:

"24. Orders at a price lower than the clearing price specified in the results of auction sales shall not be fulfilled.

25. The Central Bank shall instruct the currency exchange to fulfill fully the non-competitive orders of commercial banks in accordance with the results of auction sales, as well as competitive orders offered at a price not lower than the clearing price.

Competitive orders shall be fulfilled in the order from the maximum prices offered in them up to the clearing price.".

12. The words "interest rate" and "interest rate" in [Paragraph 26](/docs/4025036?ONDATE=27.10.2018 00#4028033) shall be replaced with the words "price" and "price", respectively.

13. The words "interest rate" in the [first](/docs/4025036?ONDATE=27.10.2018 00#4028074) and [sixth bullet points](/docs/4025036?ONDATE=27.10.2018 00#4028098) of Paragraph 45 shall be replaced with the words "coupon rate".

14. [Appendices 1](/docs/4025036?ONDATE=27.10.2018 00#4028159) and [2](/docs/4025036?ONDATE=27.10.2018 00#4028248) shall be deemed lost force.

(National Database of Legal Acts of the Republic of Uzbekistan, September 24, 2020, No. 10/20/3080-1/1312-2)