The third session of the industry conference «Uzbekistan’s Capital Market: New Investment Opportunities», organised by Kursiv Uzbekistan, focused on where the money is actually working today. Participants discussed which tools are generating returns in a transforming economy, which market segments are becoming more resilient, and how investor behaviour is evolving.
The panel featured representatives from banking, real estate, consulting and crypto-finance. The session was moderated by Anastasiya Novikova, Director of Kursiv Media.
Konstantin Kirko, AVO Bank: Deposits and Their Limits
Deposits Are Not for Making Money
Konstantin Kirko, Head of Treasury at AVO Bank began by stating that deposits remain an important yet limited tool for investors.
In his view, deposits are not a way to earn, but rather a means of parking funds temporarily or protecting against inflation. Deposit rates in Uzbekistan are currently high — up to 25% per annum — but he sees no reason to expect a sharp decline.
«Deposits are not about making money — they’re about preserving savings. They’re for those not ready to take risks,» said Kirko.
Why Rates Remain High
He explained that deposits act as temporary liquidity storage, especially for conservative investors. For those willing to take risks, more profitable — but also more volatile — instruments are available. According to Kirko, high banking rates reflect the real state of the economy, including inflationary expectations and funding costs.
«As long as the economic structure remains as it is, both deposits and loans will remain expensive. It’s inevitable,» he added.
New Deposit Formats and Bonds
Kirko also spoke about AVO Bank’s funding strategy. The bank’s liabilities are diversified and barely reliant on retail deposits. Recently, AVO launched a flexible deposit product to study customer behaviour and assess the stability of balances. He noted that the product was more convenient for clients than profitable for the bank — it was designed as a market reaction test.
«We invested in this product to test client reactions. It’s a research project, not a yield race,» said Kirko.
AVO also registered a bond issuance of UZS 500 bn, further reducing reliance on deposits.
«We’re not chasing volumes — what matters is quality and a stable funding base,» he emphasised.
Protection for Depositors
In conclusion, he stated that Uzbekistan’s banking system is stable, and the regulatory environment provides a high level of protection for depositors.
«Now is the best time to lock in deposit terms. Later, we’ll start tightening the screws,» Kirko concluded.
Artyom Kreskas, Golden House: Real Estate as a Core Asset
Demand Will Only Grow
Artyom Kreskas, Deputy CEO of Golden House shared key data on the market and explained what’s driving real estate demand.
Uzbekistan’s population stands at 37.5 mn and is growing by nearly one mln annually. Construction output grew from UZS 8 trillion in 2010 to UZS 150 trillion in 2023. In the first five months of 2025 alone, construction totalled UZS 91 trillion. The annual target is 135,000 flats with a total area of 7 million square metres — triple the figure from five years ago.
«The need for housing isn’t going away — it will only grow, as shown by population and investment growth,» said Kreskas.
Who’s Buying and Why
He cited demographics, steady economic growth and transparent reforms as the main drivers. In Q1 2025, GDP grew by 6.8%, and the construction sector by 10.7%. This creates demand not only for residential housing, but also for commercial real estate: central Tashkent now has about 450,000 sq. m of A and B+ class offices, and demand continues to rise.
Investors mainly include entrepreneurs buying mid-range housing for rental income. However, 22% of surveyed respondents still fear unreliable developers. The introduction of escrow accounts is expected to resolve this — funds remain protected until handover.
«The escrow system makes investing in housing safer, boosts trust in developers and stabilises the market,» said Kreskas.
Foreign Investors Prefer Experienced Developers
Institutional investors are also taking interest. At the Tashkent Investment Forum, several companies expressed readiness to launch joint projects with Golden House. Yet most prefer experienced developers able to navigate complex approval processes.
«To attract capital, it’s not enough to have clear legislation — you need a thoroughly developed project concept,» Kreskas added.
Denis Sokolov, CMWP Uzbekistan: From Concrete to Cashflow
Real Estate Still Isn’t Income-Generating
Denis Sokolov, CEO of Commonwealth Partnership Uzbekistan noted that real estate in Uzbekistan is not yet a fully developed investment asset.
In developed countries, real estate operations account for up to 18% of GDP; in Uzbekistan, it’s around 3%.
«For now, real estate isn’t where the money works. But the situation could change if the market becomes institutionalised,» said Sokolov.
A New Model: Long-Term Yield
He stressed the need to shift from a speculative to a structured model. Investors should earn income through rental yield rather than resale. Otherwise, the asset simply becomes «money buried in concrete.» Without a liquid secondary market and institutional players, the sector won’t grow sustainably.
Sokolov added that the Uzbek real estate market is undergoing a key transformation. Consumer preferences are evolving, and commercial property is increasingly seen as an asset, not just a tradable good. Escrow accounts introduced by the government have made the sector more structured and mature.
«Buying cheap and selling high is no longer enough — the speculative model no longer works. You need to manage the asset so it generates stable returns. This supports not only investor wealth but also urban and national development,» Sokolov said.
Denis Shipilov, Lockton Finance: Crypto as Infrastructure
Rapid Growth and Strong Potential
Denis Shipilov, CEO of Lockton Finance discussed the growing crypto market in Uzbekistan. According to him, there are currently around 500,000 crypto asset holders in the country, and this number could reach 5 mln by 2030. In 2024, the volume of crypto operations exceeded USD 1 bn.
«Uzbekistan ranks among the top 8 jurisdictions for ITOs, according to PwC. It’s one of the most transparent and well-regulated crypto markets,» Shipilov said.
From USDT to a Tokenised Economy
He noted that 99% of current operations involve buying and selling USDT. To grow, the market must shift to more complex instruments — including tokenised real-world assets (RWA), utility tokens and investment tokens. These are already legally supported and technologically accessible on local platforms.
«Our platform already has a working tokenisation module. It supports issuing commodity tokens, investment tokens, and digital assets for both residents and non-residents,» Shipilov added.
Young Demographics and Clear Rules
Despite the current dominance of basic operations, business interest is rising. Projects for tokenising real estate and financial instruments are already underway. Shipilov sees Uzbekistan’s young population, clear regulation and tax incentives as major advantages.
«There’s reason for cautious optimism. The market is growing, infrastructure is in place, and demand for new investment tools will continue rising,» he concluded.
The Final Word
Experts agreed: Uzbekistan’s market needs tools that are accessible to investors — from deposits to digital assets. But for these to become truly mainstream, further infrastructure development, transparent regulations and strong investor trust will be essential
