The AFC Uzbekistan Fund began 2023 in positive territory even though the economy suffered a setback due to a “once-in-a-generation” cold snap which spiralled into a domestic energy crisis.
Aside from the cold, during the month, Clearstream paid a visit to Uzbekistan to advance discussions on establishing a custody link for foreign investors, and the over-the-counter stock exchange “Elsis-Savdo” was brought under the management of the Tashkent Stock Exchange.
Relative to the past twelve months, with a lack of news flow, January was a busy and positive month for Uzbekistan’s capital markets. The January 2023 fund NAV rose to an estimated USD 1,762.8 (+1.5%) or +76.3% since inception on 29th March 2019.
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