Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
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in the Tashkent Stock Exchange were foreign. Uzbekistan has strict regulatory 
barriers for issuing corporate bonds, but the government is drafting a new 
regulation to relax the bond issuance requirements. Due to the high reference 
ratio (16% as of October 2018), bond issuance is costly (bond yields will be 
18%–20%).
Note: Data collected on forms specially designed by the author.
Source: Data received from the Central Bank of Uzbekistan on 2 October 2018.
NBFI = nonbank finance institution.
Note: Nonbank finance institutions’ assets are the sum of assets of microcredit organizations and 
pawnshops.
Source: Compiled from the Central Bank of Uzbekistan (https://www.cbu.uz), accessed 15 October 2018.
Figure 4.13: Nonbank Finance Industry, Uzbekistan, 2004–2018
Figure 4.14: Nonbank Finance Institutions’ Total Assets, Uzbekistan, 
2017–2018
Number
13 
26 
32 
35 
34 
30 
28 
25 
27 
30 
30 
36 
7 
14 
24 
34 
48 
58 
50 
46 
44 
46 
43 
46 
46 
53 
20 
24 
36 
55 
78 
103 
116 
0
50
100
150
200
250
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
Q
3
20
18
Microcredit organizations
Pawnshops
Credit unions
SUM billion
NBFI assets/bank assets (%)
Percent
0.00
0.05
0.10
0.15
0.20
0.25
0
50
100
150
200
250
300
20
17
-0
1
20
17
-0
2
20
17
-0
3
20
17
-0
4
20
17
-0
5
20
17
-0
6
20
17
-0
8
20
17
-0
9
20
17
-1
0
20
18
-0
1
20
18
-0
2
20
18
-0
3
20
18
-0
4
20
18
-0
5
20
18
-0
6
20
18
-0
8
20
18
-0
9
20
18
-1
0
Total assets - microcredit
organizations
Total assets - 
pawnshops

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