{"id":9962,"date":"2025-12-15T22:32:53","date_gmt":"2025-12-15T17:32:53","guid":{"rendered":"https:\/\/pivot.uz\/?p=9962"},"modified":"2025-12-15T22:36:44","modified_gmt":"2025-12-15T17:36:44","slug":"o%ca%bbzbekiston-kapital-bozori-burilish-nuqtasida-1-mlrd-investitsiya-dual-listing-va-bazel-iii-nimani-anglatadi","status":"publish","type":"post","link":"https:\/\/pivot.uz\/uz\/o%ca%bbzbekiston-kapital-bozori-burilish-nuqtasida-1-mlrd-investitsiya-dual-listing-va-bazel-iii-nimani-anglatadi\/","title":{"rendered":"O\u02bbzbekiston kapital bozori burilish nuqtasida: $1 mlrd investitsiya, dual listing va Bazel III nimani anglatadi?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">15-dekabr kuni Prezident Shavkat Mirziyoyev raisligida o\u02bbtgan yig\u02bbilishda O\u02bbzbekiston kapital bozorini chuqur transformatsiya qilish va bank sektorini xalqaro standartlarga moslashtirish bo\u02bbyicha muhim yo\u02bbnalishlar belgilandi. Rasmiy raqamlar va rejalarga qaralsa, mamlakat moliya bozori tarixidagi eng muhim burilishlardan biri boshlanmoqda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu qarorlar <strong>faqat regulatorlar uchun emas<\/strong>, balki <strong>startaplar, xususiy kompaniyalar, banklar va xorijiy investorlar<\/strong> uchun ham yangi imkoniyatlar eshigini ochadi.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"http:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-1024x682.jpg\" alt=\"\" class=\"wp-image-9958\" srcset=\"https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-1024x682.jpg 1024w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-300x200.jpg 300w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-768x512.jpg 768w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-600x400.jpg 600w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-150x100.jpg 150w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-750x500.jpg 750w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1-1140x760.jpg 1140w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR1.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Kapital bozori: past start, katta salohiyat<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bugungi kunda O\u02bbzbekistonda:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Qimmatli qog\u02bbozlarning <strong>bozor qiymati \u2014 275 trln so\u02bbm<\/strong><\/li>\n\n\n\n<li>Birjada erkin muomaladagi qog\u02bbozlar \u2014 <strong>4 trln so\u02bbm<\/strong><\/li>\n\n\n\n<li><strong>717 ta emitent<\/strong>, <strong>77 ta professional ishtirokchi<\/strong><\/li>\n\n\n\n<li>Kapital bozori kapitallashuvi <strong>YAIMning 20%<\/strong> atrofida<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Taqqoslash uchun: rivojlangan va rivojlanayotgan bozorlarida bu ko\u2018rsatkich odatda <strong>60\u2013120%<\/strong> oralig\u2018ida. Ya\u2019ni, muammo talabda emas \u2014 <strong>strukturada va instrumentlarda<\/strong>. Shu bois hukumat oldiga aniq maqsad qo\u2018yildi: <strong>mahalliy kapital bozoriga kamida $1 milliard investitsiya jalb qilish<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"682\" src=\"http:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-1024x682.jpg\" alt=\"\" class=\"wp-image-9960\" srcset=\"https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-1024x682.jpg 1024w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-300x200.jpg 300w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-768x512.jpg 768w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-600x400.jpg 600w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-150x100.jpg 150w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-750x500.jpg 750w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2-1140x760.jpg 1140w, https:\/\/pivot.uz\/wp-content\/uploads\/2025\/12\/PR2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Dual listing va yangi instrumentlar: bozor ochilmoqda<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Eng muhim signal \u2014 <strong>\u201cdual listing\u201d<\/strong> amaliyotiga ruxsat berilishi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nimani anglatadi?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mahalliy kompaniyalar aksiyalari <strong>bir vaqtning o\u2018zida Toshkent va xorijiy fond birjalarida<\/strong> joylashtirilishi mumkin bo\u2018ladi<\/li>\n\n\n\n<li>Xorijiy investorlar uchun <strong>likvidlik va exit imkoniyatlari<\/strong> oshadi<\/li>\n\n\n\n<li>Korporativ boshqaruv va shaffoflikka bosim kuchayadi<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Bundan tashqari, bozorga quyidagi <strong>yangi moliyaviy instrumentlar<\/strong> kirib kelmoqda:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Valyuta obligatsiyalari<\/li>\n\n\n\n<li>Global depozitar tilxatlar (GDR)<\/li>\n\n\n\n<li>Xorijiy qimmatli qog\u02bbozlar<\/li>\n\n\n\n<li>Birja investitsiya fondlari (ETF)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Bu \u2014 <strong>faqat banklar emas<\/strong>, balki <strong>o\u2018sayotgan xususiy kompaniyalar<\/strong> uchun ham kapital jalb qilishning muqobil yo\u2018llari paydo bo\u2018layotganini anglatadi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Regulyator \u201csandbox\u201d: endi rezidentlar uchun ham<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTartibga solish qumdoni\u201d (regulatory sandbox) rejimining kengaytirilishi \u2014 e\u2019tibordan chetda qolmasligi kerak bo\u2018lgan nuqta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Endi:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sandbox <strong>rezident kompaniyalar<\/strong> uchun ham ochiladi<\/li>\n\n\n\n<li>Xorijiy investorlar uchun <strong>muddatsiz amal qiladi<\/strong><\/li>\n\n\n\n<li>Chet el aksiyalari va obligatsiyalarini rasmiy savdoga chiqarishga ruxsat beriladi<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Bu qaror ikki muammoni bir vaqtning o\u2018zida hal qiladi:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Norasmiy (soya) savdolar qisqaradi<\/li>\n\n\n\n<li>Mahalliy investorlar global bozorlarga <strong>ichki infratuzilma orqali<\/strong> chiqadi<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Valyutada obligatsiya: kompaniyalar uchun yangi nafas<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Muhim va amaliy jihat: <strong>Mahalliy bank va kompaniyalarga Toshkent fond birjasida xorijiy valyutada obligatsiya chiqarishga ruxsat beriladi<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nimani o\u2018zgartiradi?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kompaniyalar tashqi bozorlarga chiqmasdan turib <strong>valyuta resurslari<\/strong> jalb qiladi<\/li>\n\n\n\n<li>Valyuta risklari ichki instrumentlar orqali boshqariladi<\/li>\n\n\n\n<li>Xususiy sektor kapitalga yanada yaqinlashadi<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Shuningdek, <strong>ta\u2019minotsiz obligatsiyalarni kapitaldan ortiq hajmda chiqarish<\/strong> imkoniyati obligatsiya bozorini sezilarli darajada kengaytirishi mumkin.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bank sektori: Bazel III va global moslashuv<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So\u2018nggi 7 yilda:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tijorat banklari aktivlari <strong>5,3 barobar<\/strong> oshib, <strong>877 trln so\u02bbm<\/strong>dan oshdi<\/li>\n\n\n\n<li>Banklar soni \u2014 <strong>35 ta<\/strong><\/li>\n\n\n\n<li>3 ta xorijiy bank bozorga kirdi<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ammo miqdor yetarli emas \u2014 <strong>sifat hal qiluvchi<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shu bois O\u2018zbekiston ilk bor:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>IMF va Jahon bankining <strong>FSAP (Financial Sector Assessment Program)<\/strong> baholashidan o\u2018tdi<\/li>\n\n\n\n<li>Natijada 2026-yilgacha bank sektori:\n<ul class=\"wp-block-list\">\n<li><strong>Bazel qo\u2018mitasining 29 tamoyiliga<\/strong><\/li>\n\n\n\n<li><strong>Bazel III standartlariga<\/strong><\/li>\n\n\n\n<li>To\u2018liq <strong>IFRS moliyaviy hisobotlariga<\/strong> moslashtiriladi<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Bundan tashqari, Hukumat va Markaziy bank ishtirokida <strong>Moliyaviy barqarorlik kengashi<\/strong> tashkil etiladi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Xulosa: bu qarorlar kimlar uchun muhim?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bu islohotlar:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li> Banklar uchun \u2014 risk va kapital boshqaruvi yangi bosqichi<\/li>\n\n\n\n<li> Xususiy kompaniyalar uchun \u2014 IPO va obligatsiya orqali o\u2018sish yo\u2018li<\/li>\n\n\n\n<li> Startaplar uchun \u2014 keyingi bosqich moliyalashtirish infratuzilmasi<\/li>\n\n\n\n<li> Xorijiy investorlar uchun \u2014 ochiq, prognoz qilinadigan bozor<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">O\u2018zbekiston kapital bozori endi <strong>faqat davlatga bog\u2018liq tizim emas<\/strong>, balki <strong>xususiy sektorni moliyalashtiradigan real mexanizm<\/strong>ga aylanish yo\u2018liga chiqmoqda. Endi savol shunchaki \u201cqonun qabul qilinadimi?\u201d emas, balki: <strong>Qaysi kompaniyalar birinchi bo\u2018lib bu imkoniyatlardan foydalanadi?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/president.uz\/oz\/lists\/view\/8784\" target=\"_blank\" rel=\"noopener\">Manba<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>15-dekabr kuni Prezident Shavkat Mirziyoyev raisligida o\u02bbtgan yig\u02bbilishda O\u02bbzbekiston kapital bozorini chuqur transformatsiya qilish va bank sektorini xalqaro standartlarga moslashtirish bo\u02bbyicha muhim yo\u02bbnalishlar belgilandi. Rasmiy raqamlar va rejalarga qaralsa, mamlakat moliya bozori tarixidagi eng muhim burilishlardan biri boshlanmoqda. Bu qarorlar faqat regulatorlar uchun emas, balki startaplar, xususiy kompaniyalar, banklar va xorijiy investorlar uchun ham yangi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_paywall_metabox":[],"jnews_override_counter":[],"jnews_podcast_option":[],"jnews_podcast_series":[],"footnotes":""},"categories":[197,115],"tags":[],"jnews-series":[],"class_list":["post-9962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-iqtisod","category-yangiliklar"],"_links":{"self":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/9962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/comments?post=9962"}],"version-history":[{"count":1,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/9962\/revisions"}],"predecessor-version":[{"id":9963,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/posts\/9962\/revisions\/9963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/media\/9956"}],"wp:attachment":[{"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/media?parent=9962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/categories?post=9962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/tags?post=9962"},{"taxonomy":"jnews-series","embeddable":true,"href":"https:\/\/pivot.uz\/uz\/wp-json\/wp\/v2\/jnews-series?post=9962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}