Thursday, 06, May, 2021

The Capital Market Development Agency (CMDA) has been abolished, with all its tasks, functions and powers transferred to the Ministry of Finance. This is stipulated by the President’s April 3 Optimization the structure and reduction of the number of staff of state power and management bodies Decree.

The Ministry of Finance, together with interested ministries and departments, was instructed to submit a draft presidential decision within a month, providing for:

  • transfer to the Ministry of Finance of the powers, rights, obligations and property of the CMDA;
  • determination of a mechanism for the subsequent implementation of projects of the abolished agency with the participation of international financial institutions and foreign government financial organizations in agreement with these organizations;
  • expanding the activities of the Ministry of Finance by transferring the powers of the CMDA to it.

The Capital Market Development Agency was established in January 2019 after the division of the State Competition Committee into three bodies.

Earlier, Otabek Nazirov, who headed the Capital Market Development Agency, was appointed adviser to the Minister of Investment and Foreign Trade/Director General of the Direct Investment Fund.

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