TASHKENT, Uzbekistan, November 6. Uzbekistan’s Republican Currency Exchange (UzRVB) has launched a new project aimed at automating the process of forming and transferring financial documents for transactions concluded on the REPO market of government securities (GS), Trend reports.
The One click system is designed to increase the attractiveness and competitiveness of the Uzbek exchange markets. With its help, participation in auctions in the UzRVB platform is said to become faster and more accessible.
As per data provided by UzRVB, the funds of the GS buyer are withdrawn from the corresponding account automatically, and after confirmation by UzRVB specialists, are credited to the seller's account within a couple of minutes.
UzRVB states that this innovation will facilitate the decision-making process on the part of the bank, increases the speed of transactions and reduces the risk of errors when transferring money.
One click is part of a large-scale UzRVB project to modernize the infrastructure of Uzbekistan’s GS market. Within the framework of this project, the introduction of new trading opportunities for bidders is also envisaged in the near future, including the introduction of a REPO market on the UzRVB platform in the context of standardized deadlines.
Meanwhile, transactions worth 1.87 trillion soums ($153.7 million) were concluded on the Uzbek REPO market from January through March 2023.
Moreover, the volume of transactions increased by 24 times relative to the final indicators of the first quarter and amounted to 44.86 trillion soums ($3.68 billion) as of October 1 of 2023.