THE CURRENT STATE OF THE CAPITAL MARKET IN THE REGIONS AND PROBLEMS IN ITS DEVELOPMENT

Аннотация

The current state of the capital market in the regions and problems in its development aregiven inthe scientificarticle. Keywords:capital market, state of the capital market, financial resources, investors, economic growth, yield curve, government securities. Based on the state of the capital market and the level of provision of financial resources, it is sufficient to make decisions on the attraction of financial resources by joint-stock companies. Based on the average interest rates of the resources directed to the corporate sector, determining the limit amount of debt funds of joint-stock companies, the significance of the determined characteristics can be differentiated depending on the nature of the development of the national economy. The amount of resources attracted to the capital market, the practice of attraction and attracting financial levers, are inextricably linked with the components of the capital market and theirspecific characteristics. It should be noted that "in order to ensure the implementation of the capital market development program in 2021-2023, the development of the capital market infrastructure, the development of the state securities market, and the improvement of financial literacy and the skills of capital market participants" are defined. In this, further development of international economic cooperation, including expansion of relations with leading international and foreign financial institutions, implementation of carefully planned foreign debt policy, issues of effective use of attracted foreign investments and loans, improvement of the investment environment, activities in the field of active attraction of foreign investments and the importance of the development ofthese areas are specifically considered. The capital market has already become an important component of the world economy. There is an inextricable connection between the level of development of the world economy and the capital market. Currently, the importance of finance in the socio-economic and political life of the society has moved far beyond the scope of indicators describing the role of the financial sector in creating the world gross domestic product. Financial capital turns into real capital as a result of the circular economic cycle. Money and securities (financial assets) are in circulation in the form of fixed assets and tangible assets. The effective functioning of the financial system, all its sectors and segments - household, corporate and state finance, finance and the system of page879 INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE ISSN:2692-5206,ImpactFactor:12,23 AmericanAcademicpublishers,volume05,issue02,2025 Journal: https://www.academicpublishers.org/journals/index.php/ijai currency-credit relations depends in many ways on the dynamics and activity of the development ofthe global economy as well as the investment processes at the national and international levels. In Uzbekistan, there is a need to further develop the capital market, improve its infrastructure, encourage the attraction of investors to the capital market, simplify the procedure forforeign investors toparticipate inthe local stock market, and protect therights ofinvestors. Significant economic growth has been observed in the Republic of Uzbekistan in recent years under the leadership of President Shavkat Mirziyoyev. Thecountry has implemented major reforms on the way to transition to a market economy, and prioritized economic liberalization, industrialization, and economic diversification. Key initiatives also include currency reforms, infrastructure modernization, and efforts toattract foreign investment. By 2025, Uzbekistan aims to strengthen its position as a regional economic leader through sustainabledevelopment, digital transformation and deep integration into global markets. Introduction of the government securities yield curve in Uzbekistan From September 1, 2024, the Central Bank of the Republic of Uzbekistan has started publishing the government securities yield curve. As a fiscal agent for the DQQ issued by the Ministry of Economy and Finance, the Central Bank plays an important role in ensuring transparency and efficiency in the domestic bond market. The introduction of the yield curve was a significant step forward in expanding market opportunities and providing investors with the necessary tools to analyze DQQ. Figure 1.Yield curve. Development of the Government Securities Market in Uzbekistan Since 2019, the Ministry of Finance of the Republic of Uzbekistan (hereinafter referred to as the Ministry of Economy and Finance - IVM) has been actively issuing government treasury securities denominated in the national currency - soum. This initiative reflects the government's strategy for a gradual transition of the government's public debt portfolio from external to domestic debt. This approach, along with the development of the capital market, also aims to protect against external risks. As of December 1,2024,