Maximise Your Earnings: A Beginner’s Guide to Investing in Uzbekistan’s Stock Exchange
Up to 29% per annum is the return currently offered by bonds traded on the Tashkent Republican Stock Exchange. This is higher than even the most generous bank deposits. To start investing, you only need 10,000 UZS ($0.79) and a smartphone. Through the Jett investment service, you can open an account and buy your first security in just half an hour without visiting an office or complex procedures. This article provides a step-by-step guide for those taking their first step on the Uzbekistan stock exchange.
From this article, you will learn:
- Why you should start investing today
- How much money do you need on start
- How to choose your first security
- How to buy a bond or stock: step-by-step guide
- Support and Education: You Are Not Alone
- What to do after purchase
Why You Should Start Investing Today
In an inflationary environment, money that simply sits in a bank account or «under the mattress» gradually loses its purchasing power. An alternative is to invest in instruments that not only preserve capital but also generate income. Bonds and stocks are among such instruments.
Uzbekistan’s stock market is developing rapidly. In the first six months of 2025, nearly $1 bn worth of transactions were carried out across all platforms of the Tashkent Republican Stock Exchange — 17 times more than in the same period of 2024.
Tolibjon Mirzaqulov, founder of the investment service Jett, believes that Uzbekistan’s stock market holds great potential.
«The country’s economy is growing, and so is the population’s standard of living. A new, qualitatively different middle class is emerging, one that can save and invest. Against this backdrop, we are witnessing the formation and development of our stock market. This is just the beginning. In the coming years, we can expect a sharp increase in the number of private investors and the introduction of new instruments, including Islamic finance and tech IPOs,» the service’s founder commented.
How Much Money Do You Need on Start?
One common myth is that investing requires large sums of money. In reality, in Uzbekistan, you can start with as little as 100,000 UZS ($7.87) — the price of some bonds. There are even stocks that cost just a few dozen soums. For example, on July 22, common shares of Hamkorbank were trading at around 2,900 UZS ($0.23 USD) for 100 shares. This makes the market accessible to almost everyone.
Many people believe that investing is complicated, especially because of the technical aspects. However, the team at Jett has worked to make the process as simple as possible.
«We focused on helping users easily overcome technical barriers, from remote identification to opening a brokerage account and funding it directly from their phone. Placing an order takes five minutes, and within half an hour, you can start investing,» says Mirzaqulov.
According to him, most users begin with small amounts — typically between 100,000 ($7.87) and 500,000 ($39.36) soums. This allows them to test how the platform works:
«People want to make sure their money reaches the account, that they can actually buy securities, and that it is possible to withdraw funds back to their bank card. This caution is natural, especially considering that Jett was one of the first investment platforms on our market,» the Jett founder notes.
Over time, the average portfolio size is increasing. While it was just over $40 in 2023, it surpassed $100 in 2025. This is a sign of growing investor maturity.
How to Choose Your First Security
Beginners are often afraid of making the wrong choice at the start. That is normal. The key is to begin with something simple. Most often, bonds are recommended for newcomers, as they offer fixed income and have clear, straightforward terms.
What to look for when choosing a bond:
- Maturity period – how long before the principal is repaid;
- Return – the interest rate you will receive;
- Reliability of the company or bank issuing the bond.
«Previously, users often started with stocks as they were associated with owning a part of a business. But in 2025, deposit rates went down while bond returns rose, so interest in bonds increased. In 2023, bonds accounted for just 2.5% of total trading volume, but today that figure is around 40%,» says Mirzaqulov.
How to Buy a Bond or Stock: Step-by-Step Guide
Step 1. Download the App and Complete Identification
The Jett investment service is available on several platforms. One option is the Multicard app, which can be found on Google Play or the App Store. After installing the app, users must complete an identification process by entering passport or ID information and taking a selfie.
Jett is also integrated into a number of bank apps, including Davr Mobile (under the «My Bank» section), Alif Mobi, Zoomrad, MyUztelecom, Trastpay, OFB Mobile, Milliy and Garant Bank.
Step 2. Create or Add a Brokerage Account and Fund the Balance
To trade securities, you need a brokerage account. This is where your funds are deposited for purchases and where income from sales is received. Inside the app, you can submit a request to open an account and wait for confirmation. If you already have an account, simply log in with your username, password, and the name of your brokerage company. Once connected, you can top up your balance and begin investing.
Foreigners can open an investment account in a broker by undergoing remote identification. To do this, the client must contact the broker (the broker’s contacts can be found on the website alkes.com ), then the broker’s employee can make a video call with a potential foreign investor and carry out identification. Based on this, an account will be opened for them and they can continue working in the Multicard application.
Sample Purchase: Agat Credit Bond
The Jett interface is user-friendly and intuitive. As an experiment, the author of this article purchased one bond issued by Agat Credit, a microfinance company offering an annual return of 29%. The face value of the bond is 100,000 UZS ($7.87), and interest is calculated on that amount. For example, purchasing 100 bonds (10 mln UZS/$787) would generate 2.9 mln UZS ($228.27) in annual income, with interest paid monthly.
Since the full issue had already been placed, the bonds were only available on the secondary market — from other investors. The app displays the current market price. At the time of purchase, the bond cost 102,700 UZS ($8.08). It is important to note that the bond price fluctuates depending on the day of purchase. This is because, on the secondary market, the price includes accrued coupon interest — in this case, 2,700 UZS ($0.21). Therefore, return should be calculated based on the nominal value, not the purchase price.
However, it is also possible to place a limit order, that is, to specify the price at which you are willing to buy. If a seller agrees to that price, the trade will go through. The current price range is from 82,160 ($6.47) to 123,240 UZS ($9.7). The higher the price, the lower the return.
In our example, the buyer purchased the bond at the market price of 102,700 UZS ($8.08). The total commission, including the broker’s fee, exchange, depository, and service charges amounted to 673.20 UZS ($0.05), bringing the final cost to 103,373.20 UZS ($8.10).
Buying stocks follows the same procedure. However, it’s important to understand that stocks are a different type of instrument. Returns depend on the market price and dividends, which may or may not be paid — the decision is made by the general meeting of shareholders. It is also important to be aware of risks: dividends might not be paid, and the share price can fall.
Support and Education: You Are Not Alone
New investors may lack confidence at first. That’s why Jett provides a range of educational and analytical tools:
Market screener
Allows users to quickly see which securities are actively traded, and which are rising or falling in price.
Portfolio analysis (PnL)
Jett displays returns for each security and for the entire portfolio, taking into account purchase prices and all commissions.
TradingView charts
The platform is integrated with TradingView — the global standard for technical analysis. More than 200 indicators are available directly within the app.
Fundamental analysis
Jett is connected to the OpenInfo corporate data platform. All financial reports from issuers are available in the system, presented as both charts and downloadable files.
«We constantly listen to our users, adopt global best practices, and add new features that make investing simpler and more transparent,» Mirzaqulov notes.
What’s Next?
After purchasing a security, you either start receiving payments (in the case of bonds) or wait for price appreciation (in the case of stocks). But most importantly, the goal is to build a habit of regular investing, for example, monthly.
«We’ve found that those who make their first purchase rarely stop there,» says the founder of Jett. «They start following the market, join our Jett Investors Club on Telegram, receive support, and continue investing. This reflects the growing maturity of investors in the country.»
