Decision of the Board of the Central Bank of the Republic of Uzbekistan, registered on October 25, 2018, registration number 3080

Date of Entry into Force

27.10.2018

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26.01.2026

28.07.2021

24.09.2020

27.10.2018

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[OKOS:

1.07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.08.00 Securities Operations by Banks]

[TSZ:

Finance / Securities. Securities Market]

Decision of the Board of the Central Bank of the Republic of Uzbekistan

On Approval of the Regulation on the Procedure for 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 October 25, 2018, registration number 3080]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activity" as well as Decision No. PQ-3272 of the President of the Republic of Uzbekistan dated September 13, 2017 "On Further Improving Monetary Policy Measures", the Board of the Central Bank of the Republic of Uzbekistan decides:

Approve the Regulation on the Procedure for the Issuance and Circulation of Bonds of the Central Bank of the Republic of Uzbekistan attached.
This decision enters into force from the date of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

September 22, 2018,

No. 30/14

APPENDIX

to Decision No. 30/14 of the Board of the Central Bank of the Republic of Uzbekistan dated September 22, 2018 Decision

REGULATION

on the Procedure for the Issuance and Circulation of Bonds of the Central Bank of the Republic of Uzbekistan

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027762) edition.

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.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014054) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

Chapter 1. General Provisions

The following basic concepts are used in this Regulation:

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027796) edition.

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

(amended by Decision No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 [Decision](/docs/5012330?ONDATE=24.09.2020 00#5014577) (registration number 3080-1, dated 24.09.2020) — National Database of Legislation, dated 24.09.2020, No. 10/20/3080-1/1312)

coupon period — the period established by the Central Bank during which interest income is paid to the bondholder;

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027801) edition.

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);

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014056) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027804) edition.

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

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027806) edition.

National Clearing Center — an organization engaged in clearing, centralized clearing, and acting as a central counterparty for bonds;

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 depository accounts, accounting for rights to such securities, and the movement of securities;

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014060) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027808) edition.

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

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014064) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027812) edition.

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

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027812) edition.

auction trading — auctions conducted by the Central Bank among banks for the placement of bonds;

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014067) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=24.09.2020 00#5014986) edition.

competitive order — an order submitted by banks for participation in auction trading with a specified price;

[See previous](/docs/4025036?ONDATE=24.09.2020 00#5014995) edition.

non-competitive order — an order submitted by banks for participation in auction trading without specifying a price;

[See previous](/docs/4025036?ONDATE=24.09.2020 00#5015002) edition.

redemption price — the minimum price offered in competitive orders of banks satisfied as a result of auction trading;

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014068) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027830) edition.

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

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014069) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

Chapter 2. Issuance of Bonds

Bonds are issued, placed, and redeemed by the Central Bank, and their liquidity is ensured by all assets under the control of the Central Bank.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027835) edition.

Bonds may serve as collateral for loans and as the object of purchase and sale in REPO agreements concluded between dealers.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014071) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027836) edition.

Bonds are issued in the form of bonds with a fixed coupon rate indicating the nominal value 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.

(amended by Decision No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 [Decision](/docs/5012330?ONDATE=24.09.2020 00#5014592) (registration number 3080-1, dated 24.09.2020) — National Database of Legislation, dated 24.09.2020, No. 10/20/3080-1/1312)

The issuance of bonds is carried out as a separate emission type. Each issued emission is assigned an identification number and is formalized by a Global Certificate.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#8032034) edition.

The Global Certificate is formalized in two original copies, one of which is kept at the Central Bank, and the second copy is kept 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 bonds being issued into the emission depository account intended for placing bonds.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014072) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

The identification number consists of ten digits (X1X2X3X4X5X6X7X8X9X10).

The first digit (X1) indicates the type of security with the value "2".

The second digit (X2) indicates the circulation period of the security:

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027868) edition.

"1" — for bonds with a term of up to three months;

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014075) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027870) edition.

"2" — for bonds with a term of up to six months;

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027872) edition.

"3" — for bonds with a term of up to nine months;

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027874) edition.

"4" — for bonds with a term of up to twelve months.

The third, fourth, and fifth digits (X3X4X5) indicate the sequence number of this emission.

The sixth, seventh, and eighth digits (X6X7X8) represent the letters "CBU" (Central Bank of Uzbekistan), indicating the issuer.

The ninth digit (X9) indicates the letter "S", meaning that this bond is a state security.

The tenth digit (X10) indicates the letter "S", meaning that the security was issued in national currency.

The Global Certificate is developed by the Central Bank, and it specifies the main parameters relevant to the emission.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027897) edition.

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

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014076) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027901) edition.

The circulation period of bonds begins on the day auction trading is held and ends on the day before the redemption day of the bonds.

Chapter 3. Placement of Bonds

[See previous](/docs/4025036?ONDATE=27.10.2018 00#8032054) edition.

The placement of bonds issued by the Central Bank among banks is carried out through auction trading conducted in the trading system of the currency exchange.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014078) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

Auction trading is conducted in cases where the number of participants is two or more.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#8032061) edition.

The Central Bank places bonds for purchase and sale in secondary markets by transferring them from its emission depository account to a depository account.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014079) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

Auction trading is conducted with the maximum amount of bonds to be placed by the Central Bank established.

A maximum interest rate for bonds may also be established in auction trading.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027926) edition.

(clause 12 lost its force — National Database of Legislation, dated 24.09.2020, No. 10/20/3080-1/1312)

[See previous](/docs/4025036?ONDATE=24.09.2020 00#5015051) edition.

Information about the conditions of auction trading for the placement of bonds is published on the official website of the Central Bank at least 1 working day before the day the auction trading is held, except for auction trading conducted to stabilize unexpected liquidity fluctuations in banks.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014081) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

The currency exchange publishes information about the auction trading held based on the announcement of the Central Bank on its official website.
The Central Bank assigns a separate registration code to each dealer for accounting for bonds and registering transactions.
The dealer registration code consists of ten digits divided into three groups (X0X1X2X3X4X5X6X7X8X9).

The first group (X0) indicates the market code "2" — Central Bank bonds.

The second group (X1X2X3X4) indicates the sequence number assigned to the dealer based on the Master Agreement concluded with the Central Bank.

The third group (X5X6X7X8X9) is always equal to 00000.

The Central Bank of the Republic of Uzbekistan is assigned the registration code 2000100000.

On the day auction trading is held, dealers enter competitive and non-competitive orders in electronic form into the trading system for the purchase of bonds.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4027994) edition.

The Central Bank may establish limits on the number of bonds to be purchased by banks in auction trading and the number of orders to be accepted from each bank in auction trading.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014083) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#5015062) edition.

Competitive orders specify the price and number of bonds planned for purchase.

(amended by Decision No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 [Decision](/docs/5012330?ONDATE=24.09.2020 00#5014614) (registration number 3080-1, dated 24.09.2020) — National Database of Legislation, dated 24.09.2020, No. 10/20/3080-1/1312)

Non-competitive orders specify the total number of bonds planned for purchase.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028006) edition.

Non-competitive orders are satisfied at the average weighted price determined by the results of auction trading.

The average weighted price is determined based on the prices and quantities of bonds purchased from fully or partially satisfied competitive orders.

Auction trading is conducted in two methods:

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028021) edition.

"American" method — competitive orders are satisfied at the prices offered in them;

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028026) edition.

"Dutch" method — competitive orders are satisfied at the redemption price.

[See previous](/docs/4025036?ONDATE=24.09.2020 00#5015115) edition.

The trading system forms a list of orders received from banks, and this list is submitted by the currency exchange to the Central Bank.

[See previous](/docs/4025036?ONDATE=24.09.2020 00#5015131) edition.

The Central Bank determines the redemption price for auction trading based on the prices indicated in the orders of banks within the volume of issued bonds.

(amended by Decision No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 [Decision](/docs/-8014035?ONDATE=26.01.2026 00#-8014084) (registration number 3080-2, dated 24.01.2026) — , 26.01.2026, No. 10/26/3080-2/2075)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#5015140) edition.

Orders with a price lower than the redemption price determined in the results of auction trading are not satisfied.

[See previous](/docs/4025036?ONDATE=24.09.2020 00#8032074) edition.

The Central Bank instructs the currency exchange to satisfy all previous non-competitive orders of banks, as well as competitive orders with an offered price not lower than the redemption price, based on the results of auction trading.

Competitive orders are satisfied in the order from the maximum prices offered by them to the redemption price.

(amended by Decision No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 [Decision](/docs/5012330?ONDATE=24.09.2020 00#5014635) (registration number 3080-1, dated 24.09.2020) — National Database of Legislation, dated 24.09.2020, No. 10/20/3080-1/1312)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028033) edition.

In cases where the total amount of orders to be satisfied according to the results of auction trading exceeds the total volume of bonds issued by the Central Bank, competitive orders with a price equal to the redemption price are satisfied based on the time they were entered into the trading system. In this case, orders entered earlier are satisfied before orders entered later.

(amended by Decision No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 [Decision](/docs/5012330?ONDATE=24.09.2020 00#5014663) (registration number 3080-1, dated 24.09.2020) — National Database of Legislation, dated 24.09.2020, No. 10/20/3080-1/1312)

Information about the results of auction trading is published on the official websites of the Central Bank and the currency exchange.

Chapter 4. Circulation of Bonds in the Secondary Market

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028037) edition.

Dealer-to-dealer transactions are conducted for bonds purchased as a result of auction sales in the secondary market and placed in accordance with the rule set forth in paragraph 101 of this Regulation.

(Paragraph 28, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

The Central Bank may participate in transactions involving the purchase and sale of bonds as a dealer in the secondary market.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028042) edition.

Transactions involving bonds in the secondary market are conducted with the participation of a central counterparty or without the participation of a central counterparty, in accordance with the rules for conducting exchange sales.

(Paragraph 30, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

In secondary sales, dealers may conduct the following transactions with bonds through the trading system:

transactions for the purchase and sale of bonds on the basis of agreed prices and terms;
transactions for the sale and purchase of pledged bonds through the trading system;
transactions for the purchase and sale of bonds under REPO agreements.

For the conduct of purchase and sale transactions in the secondary market of bonds, orders indicating the quantity and price of bonds planned to be sold or purchased by dealers are entered into the trading system.
The trading system checks the compatibility of the parameters of opposing orders entered for sale or purchase to conclude purchase and sale contracts for bonds.
The trading system automatically registers orders whose parameters match.
An exchange transaction is considered concluded upon the registration of two opposing orders in the trading system.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028060) edition.

Upon the conclusion of each exchange transaction, the trading system registers it, assigns it a registration number, and provides participants in the trade with a copy from the registry of exchange transactions. In addition, the trading system submits the registry of exchange transactions to the National Clearing Center for the purpose of clarifying the claims and obligations of trade participants.

(Paragraph 36, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

In cases where the prices of orders in the trading system in the secondary market are equal, the order submitted earlier is satisfied before the order submitted later.

In cases where orders are partially satisfied, the unsatisfied part of the order is considered as a separate order.

Transactions under REPO agreements and settlements related to them are conducted in accordance with the Regulation (registration number 1829, dated June 18, 2008) on the procedure for concluding and executing REPO agreements with state securities of the Republic of Uzbekistan.

Chapter 5. Accounting of Bonds

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028065) edition.

Storage of bonds and accounting of rights to them are carried out in "deposit" accounts opened at the Central Depository.

(Paragraph 39, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028066) edition.

Settlements for bonds are carried out by the following entities in accordance with the clearing instruction formed on the basis of the registry 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.

(Paragraph 40, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028067) edition.

The transfer of purchased bonds to the buyer's deposit account and the transfer of funds to the seller's account are carried out on the basis of the "delivery versus payment" (DVP) principle, except for the transaction specified in paragraph 101 of this Regulation.

In accordance with the rule specified in paragraph 101 of this Regulation, the placement of bonds by transferring them from the Central Bank's issuance deposit account to its own deposit account is carried out without transferring funds (free of payment — FOP).

(Paragraph 41, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028068) edition.

Ownership rights to bonds are granted and confirmed by a copy from the deposit account after the corresponding credit entry is made to the buyer's deposit account for the bonds.

(Paragraph 42, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

The accounting of purchased bonds is maintained by dealers in separate accounts for each issuance.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028070) edition.

Accounting of operations related to bonds is carried out in accordance with current legislation.

(Paragraph 44, as amended by the Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, dated July 28, 2021) — , July 28, 2021, No. 10/21/3313/0724-son)

See: Law of the Republic of Uzbekistan "On Accounting" Law*.

Chapter 6. Calculation of Coupon Amount and Their Payment

[See previous](/docs/4025036?ONDATE=27.10.2018 00#5015166) edition.

The amount of the coupon payment is determined in accordance with the following formula based on the coupon rate of bonds purchased at auction sales, their nominal value, and the coupon period:

(First sub-paragraph of paragraph 45, as amended by the Resolution No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 (registration number 3080-1, dated September 24, 2020) — National Database of Legislative Acts, September 24, 2020, No. 10/20/3080-1/1312-son)

Ci = N * R * (T / 365)

where:

Ci — coupon value;

N — nominal value of the bond;

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028098) edition.

R — coupon rate;

(Sixth sub-paragraph of paragraph 45, as amended by the Resolution No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 (registration number 3080-1, dated September 24, 2020) — National Database of Legislative Acts, September 24, 2020, No. 10/20/3080-1/1312-son)

T — coupon period.

Coupon payments are calculated for the duration of the bond's circulation and are paid for the end of each coupon period.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028101) edition.

On the last day of the coupon period, after the completion of current sales, the Central Depository submits a list to the Central Bank for each bond owner regarding the balances in the deposit account.

(Paragraph 46, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028102) edition.

The Central Bank transfers the relevant funds to the representative account opened by the Central Depository at the Central Bank for the implementation of coupon payments on the working day following the day the coupon period ends.

(Paragraph 47, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028104) edition.

The Central Depository transfers funds received for coupon payments to the personal accounts of dealers.

(Paragraph 48, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028105) edition.

The Central Depository submits information to the Central Bank regarding the payment of coupon payments belonging to the bond holder on the working day following the day these payments were made.

(Paragraph 49, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

Chapter 7. Redemption of Bonds

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028109) edition.

The redemption of bonds by the Central Bank is carried out on the working day following the day the circulation period of the bonds ends or early.

(Paragraph 50, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028111) edition.

The Central Bank enters an order into the trading system for the purchase of the full volume of bonds at their nominal value for redemption or issues an instruction to the Central Depository to account for the bonds to be redeemed.

(Paragraph 51, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028115) edition.

The redeemed bonds of the Central Bank are transferred by the Central Depository to the issuance deposit account of the Central Bank.

(Paragraph 52, as amended by the Resolution No. 37/4 of the Board of the Central Bank of the Republic of Uzbekistan dated January 5, 2026 (registration number 3080-2, dated January 24, 2026) — , January 26, 2026, No. 10/26/3080-2/2075-son)

In cases where the day of redemption of bonds and the implementation of coupon payments falls on a weekend or holiday, payments are made on the next working day.

Chapter 8. Disclosure of Information

Information about transactions carried out with bonds at the Currency Exchange (except for the bond name, quantity, quotation (price), and transaction date) shall not be disclosed to third parties.
The provision of all information consisting of commercial and bank secrets is carried out in the manner established by law.

Chapter 9. Final Provisions

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028135) edition.

Persons guilty of violating the requirements of this Regulation shall be held liable in the manner established by legislative acts.

(Paragraph 56, as amended by the Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, dated July 28, 2021) — , July 28, 2021, No. 10/21/3313/0724-son)

See: Article 1741 of the Code of Administrative Liability of the Republic of Uzbekistan.

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028159) edition.

(Annex 1 lost its force on the basis of the Resolution No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 (registration number 3080-1, dated September 24, 2020) — National Database of Legislative Acts, September 24, 2020, No. 10/20/3080-1/1312-son)

[See previous](/docs/4025036?ONDATE=27.10.2018 00#4028248) edition.

(Annex 2 lost its force on the basis of the Resolution No. 18/15 of the Board of the Central Bank of the Republic of Uzbekistan dated September 7, 2020 (registration number 3080-1, dated September 24, 2020) — National Database of Legislative Acts, September 24, 2020, No. 10/20/3080-1/1312-son)

(National Database of Legislative Acts, October 27, 2018, No. 10/18/3080/2114-son; September 24, 2020, No. 10/20/3080-1/1312-son; , July 28, 2021, No. 10/21/3313/0724-son; January 26, 2026, No. 10/26/3080-2/2075-son)

Regulation on the Issuance and Circulation of Central Bank of Uzbekistan Bonds

Decision of the Board of the Central Bank of the Republic of Uzbekistan, registered on October 25, 2018, registration number 3080

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Chapter 1. General Provisions

Chapter 2. Issuance of Bonds

Chapter 3. Placement of Bonds

Chapter 4. Circulation of Bonds in the Secondary Market

Lineage: Amended

Timeline

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