{"id":5577,"date":"2019-12-04T11:05:29","date_gmt":"2019-12-04T06:05:29","guid":{"rendered":"http:\/\/invest-in-uzbekistan.org\/?p=5577"},"modified":"2019-12-04T11:05:29","modified_gmt":"2019-12-04T06:05:29","slug":"planiruetsya-vnesti-izmeneniya-v-protsess-razmeshheniya-evroobligatsij","status":"publish","type":"post","link":"https:\/\/invest-in-uzbekistan.org\/en\/novosti-uzbekistana\/planiruetsya-vnesti-izmeneniya-v-protsess-razmeshheniya-evroobligatsij\/","title":{"rendered":"Uzbekistan plans regulations against suitcase banking"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Uzbekistan plans to make it mandatory for foreign brokers to have a local presence or partnerships in order to arrange Eurobonds for Uzbek issuers, the Central Asian nation\u2019s Capital Markets Development Agency (CMDA) told Reuters on Monday.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The regulations aimed at curbing the practice of suitcase banking in the former Soviet republic &#8211; which plans a steady stream of international bonds in coming years &#8211; could take effect as soon as this month.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Foreign investment banks seeking a slice of the market \u201cwill have to open a branch in Uzbekistan or find a licensed local partner\u201d and create a consortium with them under the new rules, CMDA spokesman Bakhadir Abibullaev said.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Suitcase banking, where investment bankers only briefly visit their customer\u2019s country to clinch a deal, is widespread in emerging markets but often criticised for doing little to develop local expertise.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The Tashkent government plans to issue at least $500 million in Eurobonds next year, and Uzbek state-owned companies may borrow even more, with total public sector borrowing likely to be capped at $4 billion per year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The planned borrowings and regulatory changes are all part of a broader reform programme initiated by President Shavkat Mirziyoyev.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Under Mirziyoyev, Uzbekistan, an exporter of natural gas, cotton and gold, has started opening up its economy in order to boost foreign trade and investment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">It also plans to privatise, including through public listings, some of the largest state-owned companies, and the Eurobond regulations could hint at how Tashkent is going to allocate initial public offering mandates.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Uzbekistan plans to make it mandatory for foreign brokers to have a local presence or partnerships in order to arrange Eurobonds for Uzbek issuers, the Central Asian nation\u2019s Capital Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novosti-uzbekistana"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/5577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/comments?post=5577"}],"version-history":[{"count":2,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/5577\/revisions"}],"predecessor-version":[{"id":5582,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/5577\/revisions\/5582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media\/5581"}],"wp:attachment":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media?parent=5577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/categories?post=5577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/tags?post=5577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}