Tashkent, Uzbekistan (UzDaily.com) -- The Agency for the Development of the Capital Market (ADCM) is being abolished in Uzbekistan. This is stipulated by the presidential resolution from 3 April "On the optimization of the structure and reduction of the number of staff of state authorities and administration."

According to the document, all tasks, functions and powers of the ADCM are transferred to the Ministry of Finance of Uzbekistan.

The head of Uzbekistan instructed the Ministry of Finance and interested departments to submit a draft decision of the president within a month, providing for:

transfer to the Ministry of Finance of the powers, rights, obligations and property of the ADCM;

determination of a mechanism for the subsequent implementation of projects of the abolished agency with the participation of international financial institutions and foreign government financial organizations in agreement with these organizations;

expanding the activities of the Ministry of Finance by transferring the powers of the ADCM to it.

The Agency for the Development of the Capital Market was created in January 2019 after the division of the State Competition Committee into three bodies.