Issuance of bonds in foreign currency is now permitted

The Ministry of Justice has registered a departmental act on the issue and placement of foreign currency-denominated bonds under the special legal regime “Regulatory Sandbox” in the capital market (registration number 3826, dated April 29, 2026). This was reported by the press service of the Ministry.

Specifically, foreign currency-denominated bonds are equity securities whose par value and income are denominated in foreign currency. They confirm the holder’s right to receive the par value and income stipulated in the issue prospectus.

Legal entities that are residents of Uzbekistan and participants in the “Regulatory Sandbox” regime may issue such bonds, subject to a positive opinion from an independent audit firm on their annual financial statements.

The total amount of foreign currency bond issues by a single issuer must not exceed the equivalent of USD 50 million.

Foreign currency bonds can be issued either secured or unsecured.

Unsecured bonds may be issued up to the issuer’s equity capital on the date of the decision to issue. If the issuer’s equity capital is exceeded, the issuer is required to provide collateral for the excess amount.

The National Agency for Advanced Projects oversees the issuance, placement, and circulation of foreign currency bonds, as well as the payment of income and redemption of bonds.