A roundtable discussion entitled "Introduction of Mortgage Securities in Uzbekistan: Key Legal Foundations". This event was organized by the National Agency of Perspective Projects of the Republic of Uzbekistan in partnership with the International Finance Corporation (IFC) and Moody's Ratings.

The discussion was attended by representatives from the Central Bank, the Republican Stock Exchange "Toshkent", the Central Depository, various banks, major experts, and issuers in the capital market. This broad participation from industry stakeholders facilitated a comprehensive discussion on the key aspects of introducing new financial instruments.

"This event addresses one of the most pressing and relevant issues - the introduction of mortgage securities in Uzbekistan. Providing housing for the population has become a top priority, and the introduction of new mechanisms for mortgage financing and resource generation for commercial banks and the financial system as a whole plays a significant role in effectively carrying out their lending functions and implementing state programs in this area.

"As you all know, the Agency has drafted a law on the Capital Market. One of the sections of this draft law focuses on securitization and the introduction of mortgage bonds. Additionally, in cooperation with the Central Bank, the Ministry of Economy and Finance under the coordination of the Administration of the President, the Agency is also preparing a presidential decree outlining the priority steps for implementing mortgage bonds in Uzbekistan,"- said Vyacheslav Pak, First Deputy Director of the Agency.

The main goal of the roundtable was to discuss the key aspects of residential mortgage-backed securities (RMBS) and analyze the draft law on the capital market of Uzbekistan. Participants emphasized the significance of establishing a legal framework for introducing secured bonds and mortgage securities, as this would not only promote the development of the financial sector but also improve housing conditions for citizens.

During the discussion, experts presented the methodology used by the rating agency to assess the risks associated with secured bonds and mortgage securities. They also reviewed approaches to analyzing these financial instruments, ensuring their reliability and attractiveness to investors.

Participants emphasized that the introduction of mortgage securities in Uzbekistan would create new opportunities for housing finance and mark a significant step towards integrating the country into the international financial markets. They discussed proposed changes to the existing legislation that would help close gaps and prepare the market for the introduction of new instruments.

The roundtable concluded with the formation of recommendations for future actions aimed at developing the capital market in Uzbekistan and enhancing the legal and regulatory framework for the implementation of mortgage securities.