Mortgage Bonds: Pilot Phase Involving Five Banks Completed
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As part of the implementation of Presidential Decree No. PD–26 dated February 21, 2025, “On Additional Measures for the Further Development of the Housing and Mortgage Market,” the task of piloting the issuance and placement of mortgage bonds has been completed.
Under the Decree, mortgage bonds with a total value of UZS 200 billion, backed by pools of mortgage loans originated by commercial banks, were to be issued and placed among five commercial banks.
As part of this initiative, the Republican Stock Exchange “Toshkent” facilitated the fourth and fifth exchange transactions involving mortgage bonds issued by UMRC SPV LLC, established under Uzbekistan Mortgage Refinancing Company JSC.
In particular:
- On August 13, mortgage bonds worth UZS 40.15 billion were placed with Uzpromstroybank JSCB;
- On August 21, mortgage bonds worth UZS 39.63 billion were placed with Asakabank JSC.
With the completion of these transactions, the task set out under the pilot project envisaged by Presidential Decree No. PD–26 — to place mortgage bonds with the participation of National Bank of Uzbekistan JSC, Asakabank JSC, Uzpromstroybank JSCB, Xalq Banki JSC, and Agrobank JSCB — has been fully implemented.
Following the completion of five closed exchange transactions, the total volume of mortgage bonds placed amounted to UZS 200.88 billion.