The Central Bank of Uzbekistan announces a significant milestone in the ongoing liberalization and integration of the financial market. Raiffeisen Bank International AG (RBI) has successfully opened a correspondent account directly with the Central Bank.
The entry of a major global financial institution like RBI into the local financial infrastructure is expected to generate profound market-wide and macroeconomic benefits:
-
Development of the Government Securities (GS) Market: Direct access facilitates deeper international institutional participation in the secondary market for Government Securities, enhancing market liquidity and depth.
-
Formation of the Yield Curve: Active secondary market operations will heavily contribute to the formation of a reliable, market-driven benchmark yield curve.
-
Long-term resources: The attraction of foreign capital inflows into the economy accelerates the formation of long-term funding sources.
-
Enhancing Monetary Transmission: A liquid and accessible government securities market is one of the main factors for effective functioning of the monetary policy transmission mechanism, ensuring better alignment of long-term rates with the Central Bank's policy rate.
The Central Bank remains committed to advancing the financial market infrastructure and providing a transparent, accessible, and secure ecosystem for international investors.
