Abstract
The issuance and placement of a bank’s own shares, bonds, certificates of deposit and other securities constitute one of the principal instruments for building its resource base. While share issues directly increase a bank’s own funds, bonds make it possible to attract long-term and stable debt financing. The legal framework for these operations is established by the laws on banks and banking activity, on the securities market and on joint-stock companies [1–3].
The practical relevance of the issue has increased considerably in recent years. Under Law No. ZRU-831 of 19 April 2023, the minimum charter capital requirement for banks was raised in several stages: to UZS 200 billion from September 2023, UZS 350 billion from April 2024 and UZS 500 billion from January 2025 [4]. The active operations of two banks that failed to meet this requirement were restricted in early 2025 [5], and on 15 January 2026 the licence of Yangi Bank JSC, whose charter capital amounted to UZS 355 billion, was revoked [6]. In December 2025, banks and companies were permitted to issue foreign-currency bonds on the Tashkent Republican Stock Exchange; by that time 35 banks were operating in the country, with total assets of UZS 877 trillion [7]. These developments call for a research-based assessment of banks’ securities issuance policies.
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