The Ministry of Finance (Republic of Uzbekistan) reported on a meeting between Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov and Raiffeisen Bank International (RBI) Management Board member Rainer Schnabl, focused on strengthening cooperation to develop Uzbekistan’s domestic financial market, including the government securities market, and facilitate foreign investor participation. As part of the visit, RBI and the Central Securities Depository signed an agreement to establish correspondent relations and open an account, and RBI representatives received official confirmation that an account had been opened at the Central Bank. RBI highlighted that it is carrying out preparatory work to launch custodian services aimed at attracting foreign investors to the domestic market. The discussion also covered reforms under the “Uzbekistan–2030” strategy and macroeconomic trends, with RBI noting the placement of UZS 12.2 trillion of sovereign international bonds in local currency at 12.25%. The update linked increased foreign participation in the government securities market to diversification of the investor base and downward pressure on interest rates.
Ministry of Finance (Republic of Uzbekistan) 2026-04-23
Uzbekistan’s Ministry of Finance meets Raiffeisen Bank International as RBI signs Central Securities Depository correspondent agreement to support custodian services
The Ministry of Finance of Uzbekistan reported on a meeting with Raiffeisen Bank International (RBI) on strengthening cooperation to develop domestic financial and government securities markets and facilitate foreign investor participation. RBI and the Central Securities Depository signed an agreement to establish correspondent relations and open an account, with RBI preparing to launch custodian services to attract foreign investors. Discussions also covered the “Uzbekistan–2030” reforms, a recent UZS 12.2 trillion local-currency sovereign bond issuance at 12.25%, and prospects for greater foreign participation to diversify the investor base and lower interest rates.