THE ISSUER ACTIVITY OF COMMERCIAL BANKS IN THE SECURITIES MARKET: AN ANALYSIS OF CAPITALISATION SOURCES AND DIRECTIONS FOR IMPROVEMENT

AbstractThe issuance and placement of a bank’s own shares, bonds, certificates of depositand other securities constitute one of the principal instruments for building itsresource base. While share issues directly increase a bank’s own funds, bondsmake it possible to attract long-term and stable debt financing. The legalframework for these operations is established by the laws on banks and bankingactivity, on the securities market and on joint-stock companies [1–3].The practical relevance of the issue has increased considerably in recent years.Under Law No. ZRU-831 of 19 April 2023, the minimum charter capitalrequirement for banks was raised in several stages: to UZS 200 billion fromSeptember 2023, UZS 350 billion from April 2024 and UZS 500 billion fromJanuary 2025 [4]. The active operations of two banks that failed to meet thisrequirement were restricted in early 2025 [5], and on 15 January 2026 the licenceof Yangi Bank JSC, whose charter capital amounted to UZS 355 billion, wasrevoked [6]. In December 2025, banks and companies were permitted to issueforeign-currency bonds on the Tashkent Republican Stock Exchange; by that time35 banks were operating in the country, with total assets of UZS 877 trillion [7].These developments call for a research-based assessment of banks’ securitiesissuance policies.