Valieva Oydin Orifjonovna
senior lecture of âAccountingâ
department, ISFT
ORCID:0009â0005â0968â4212
moonlight210686@gmail.com
Rejabbaev Sarvar Umarxonovich
senior lecture of âFinance and
finance technologiesâ department, TSUE
ORCID:0000-0002-4786-6149
s.rejabbaev@tsue.uz
JELClassification: J1,J15
Abstract. This paper examines the government securities market of the Republic of Uzbekistan, assessing its evolution, current performance, and future development prospects. Utilizing a mixed-methods approachâincluding comparative analysis, statistical evaluation, regression modeling, and expert interviewsâthe study analyzes market reforms, issuance trends, and key challenges such as secondaryâmarket illiquidity and limited instrument diversity. Findings reveal a steady increase in domestic bond issuance from 2018 through early 2025, driven by budgetary needs for infrastructure and social spending, as well as investor confidence bolstered by the successful debut of sovereign Eurobonds in 2019. Despite electronic auction platforms enhancing transparency and access, the market remains constrained by low secondary liquidity and gaps in regulatory and institutional frameworks. International benchmarks underscore the importance of diversified issuances (e.g. inflationâprotected and green bonds), robust market infrastructure, and coordinated debt management. The paper concludes with actionable recommendations for Uzbekistan: introduce new bond types, strengthen secondary trading, align reporting
standards with global best practices, and enhance investor education to foster a deeper and more resilient government securities market.
Keywords: Uzbekistan, government securities, public debt management, market liquidity, Eurobonds, financial market development.