Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan plans to resume issuing government securities from November 2018.

The draft resolution of the Cabinet of Ministers of Uzbekistan “On measures to organize the issuance of government treasury bonds and bonds of the Republic of Uzbekistan” has been published for discussion.

The document proposes from November 2018 to issue government treasury bonds and bonds.

Government securities are issued by the Ministry of Finance of Uzbekistan in non-documentary form and are circulated in the country’s securities market in accordance with the law.

The draft resolution noted that government securities are placed among commercial banks and legal entities - residents of the Republic of Uzbekistan.

Funds from the placement of government securities will go to the republican budget of the Republic of Uzbekistan and are directed to cover the deficit of the State budget of the Republic of Uzbekistan and implementation of measures, aimed at the socio-economic development of the country, as well as major investment projects determined by decisions of the President of the Republic of Uzbekistan.

Issue of government securities is carried out in separate issues with a fixed interest yield.

Placement and redemption of government securities issues is carried out by the Central Bank of the Republic of Uzbekistan through the trading platform of the Uzbek Republican Currency Exchange on behalf of the Ministry of Finance of the Republic of Uzbekistan and at the expense of the republican budget of the Republic of Uzbekistan.

The Ministry of Finance will receive the right to determine the volume of each issue of government securities, the frequency of payments and the amount of interest income on them, depending on the financial market conditions and the needs of the republican budget of the Republic of Uzbekistan, in coordination with the Central Bank of the Republic of Uzbekistan.

The Ministry of Finance can also carry out operations of redemption of government securities in the secondary market, as well as operations of their early repayment.