Uzbek Republican Currency Exchange

What Uzbek Republican Currency Exchange does

Uzbek Republican Currency Exchange (UzRVB / UZCE) is a Tashkent-headquartered, nationally licensed financial market infrastructure operator founded in 1992, providing electronic trading, clearing, and settlement across four core markets: currency (primarily USD/UZS), government securities (medium-term bonds, treasury obligations, Central Bank bonds), money market (interdealer REPO and Central Bank REPO auctions), and derivatives (currency futures with 1–12 month expiries and currency swaps). The platform serves a closed membership of commercial banks, brokerage companies, and primary dealers, with onboarding now processed in 3 business days under a mutual-recognition arrangement with the Republican Stock Exchange 'Tashkent'. Recent product development has added long-term currency futures (6/9/12 months), a Selective Close-Out mechanism for futures positions, and a forthcoming Reverse REPO instrument, alongside commission waivers on derivatives trading through January 2027 to stimulate adoption.

Revenue is generated through transaction-based commission fees on trading and related clearing/settlement services. Customer acquisition is enterprise-field-sales oriented, relationship-driven with banking-sector professionals, and supplemented by expert platforms (Dealers Meet Up by UZCE), international forums (IFN Uzbekistan Forum 2026, MAB), and a university partnership with Tashkent State University of Economics for talent pipeline development. The exchange holds ISO 9001:2015 quality certification, is a member of the CIS International Association of Exchanges (MAB), and is developing Islamic financing instruments in cooperation with the Islamic Financial Services Board. Engagement with Raiffeisen Bank International signals intent to onboard foreign banks as members and primary dealers, while a deputy director serves on the MAB Council, embedding UzRVB in regional exchange governance.

Name

Uzbek Republican Currency Exchange

Legal name

АО "Узбекская республиканская валютная биржа"

Website

https://uzrvb.uz

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

51–100 employees

Short description

Uzbek Republican Currency Exchange (UzRVB / UZCE) operates the national licensed exchange for currency, government securities, money market, and derivatives trading in Uzbekistan, serving commercial banks, brokerages, and primary dealers through a membership-based electronic trading and clearing infrastructure.

Ownership category

akta.pro rank

Product category

Currency Exchange

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

FX Derivatives Exchanges (Currency Futures & Options) (FSAFABAC)

akta.pro secondary industries

Multibank FX Trading Platforms (FSAFADAC), FX Swaps & Forwards Trading Venues (FSAFADAG), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

Keywords

• Currency exchange services
• Government securities trading
• Money market operations
• Derivatives trading
• Clearing and settlement

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Trading Commission Fees: Commission-based revenue from trading operations. From March 1, 2026 to January 1, 2027, a fixed monthly commission of 100,000 soums per transaction is set for currency futures contracts and currency swap operations, with commissions waived during this promotional period.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Uzbek Republican Currency Exchange (UzRVB / UZCE) operates electronic markets for foreign exchange, government securities, money-market instruments, and currency derivatives. It provides a full trading cycle covering pre-trading, trading, and post-trading services, including clearing and settlement for member financial institutions. Members access the currency market, government securities market, money market (interdealer REPO and central bank REPO auctions), and derivatives market (currency futures with 1–12 month tenors and currency swaps).

Product overview

Uzbek Republican Currency Exchange (UzRVB) operates as a comprehensive financial market infrastructure offering multiple interconnected trading platforms. The core offerings include: (1) Currency Market for USD/UZS trading with market-maker support, (2) Government Securities Market for treasury bonds and medium-term government bonds, (3) Money Market featuring interdealer REPO and Central Bank liquidity auctions, and (4) Derivatives Market providing currency futures (1-12 months) and swap operations for risk hedging. The exchange serves as the key infrastructure platform for Uzbekistan's financial market, providing full trading cycle from pre-trading to post-trading services. Interactive services complement the core trading infrastructure with online customer forms and quality surveys.

Differentiator

Problem solved

Functional benefit

Products and services

• Currency Market (Валютный рынок)

Quantifiable outcome

• 3,000 futures contracts concluded in 2023 with total value of $3,000,000
• +1 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered moderate, minor and core.

• Association of Banks of UzbekistanmoderateGTM or Marketing Partner · 15 May 2026Jointly organized IFN Uzbekistan Forum 2026 - international forum on Islamic finance, bringing together financial sector representatives, international organizations, banking community, and industry experts.
• RedMoney GroupminorGTM or Marketing Partner · 15 May 2026Specialized media company providing Islamic financing media services globally, co-organizer of IFN Uzbekistan Forum 2026.
• Tashkent State University of Economics (ТГЭУ)moderateStrategic or Co-development Partner · 15 May 2026Memorandum of mutual cooperation signed between УзРВБ and ТГЭУ covering joint educational and practice-oriented initiatives including seminars, conferences, specialized lectures, and research projects with УзРВБ experts. Plans include creation of 'УзРВБ office' at university as permanent platform for student interaction.
• Islamic Financial Services Board (IFSB)coreStrategic or Co-development Partner · 5 May 2026УзРВБ and IFSB discussed development of Islamic financing instruments on the exchange platform. IFSB has approximately 180 members from 57+ jurisdictions including central banks, regulators, and international financial institutions. Meeting included discussion of Uzbekistan government securities market development, primary placement and secondary trading mechanisms, auction formats, and primary dealer roles. Both parties confirmed mutual interest in cooperation including Islamic financing instruments implementation and best practices exchange.
• Raiffeisen Bank International (RBI)moderateStrategic or Co-development Partner · 27 April 2026Working meeting between УзРВБ Director Rashid Usmanov and RBI delegation to discuss foreign bank's entry to Uzbekistan financial market. Topics included trading participation conditions, interaction with primary dealers, settlement schemes, and prospects for participation in government securities market as custodian. Confirmed mutual interest in deepening cooperation and phased integration of foreign participants into УзРВБ trading infrastructure.
• International Association of Exchanges of the CIS Countries (МАБ)coreStrategic or Co-development PartnerУзРВБ participates in МАБ activities including annual general meetings. МАБ is a hub for experience exchange and discussion of key topics related to financial market development, uniting 20 exchanges from 10 CIS countries.
• Bank of GeorgiaminorStrategic or Co-development PartnerCooperation discussions between УзРВБ and Bank of Georgia aimed at mutually beneficial collaboration.
• Republican Stock Exchange 'Tashkent' (РФБ 'Тошкент')coreStrategic or Co-development PartnerSimplified mutual membership procedure developed for members of РФБ 'Тошkent' to become УзРВБ members based on mutual recognition principle. Electronic inter-agency workflow between two exchanges enables 3-day processing (reduced from 1 month) and 50% reduction in required documents. Category 'B' members of УзРВБ will be mutually recognized as РФБ 'Tashkent' members.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Republican Stock Exchange 'Tashkent': The national equity and corporate-securities exchange of Uzbekistan, which has a formal mutual-recognition membership relationship with UzRVB. Operates the complementary market segment (equities vs. currencies/government securities) within the same single country under similar regulatory oversight, making it the closest functional peer.
• Belarusian Currency and Stock Exchange: National CIS exchange operating currency, securities, and derivatives markets from Minsk. Directly comparable national-scale infrastructure model and fellow MAB member; both exchanges provide similar full-cycle services to a single domestic market.
• Georgian Stock Exchange (GSE): National exchange of Georgia, where Bank of Georgia (a partner of UzRVB) is active. Comparable emerging-market CIS exchange operating FX, money-market, and securities infrastructure under similar developmental stage.

Broad incumbents

• Kazakhstan Stock Exchange (KASE): Central Asia's largest multi-asset exchange operating currency, government-securities, money-market, and derivatives markets from Almaty. Directly comparable business model to UzRVB but at materially larger scale and liquidity, serving both corporate and financial participants.
• Astana International Exchange (AIX): Another Kazakh multi-asset exchange with currency and securities trading, operating in parallel with KASE. Comparable because it serves a CIS emerging-market ecosystem with overlapping FX, repo, and securities infrastructure mandates.
• Moscow Exchange (MOEX): The dominant Russian exchange operating currency, money-market, government-securities, and derivatives markets, including FX swaps and futures. Closest analogue in terms of full-cycle FX/derivatives infrastructure at scale, and is a fellow MAB member alongside UzRVB.

Regional players

• Baku Stock Exchange: Azerbaijan's main exchange providing currency and government-securities trading. Comparable full-cycle exchange infrastructure within the CIS region, though smaller scale; another fellow MAB member.
• Armenia Securities Exchange (AMX): National exchange of Armenia operating currency and securities markets within the CIS framework. Comparable smaller-scale peer in the regional exchange network, useful for benchmarking member economics and product breadth.

Others

• National Bank of Uzbekistan (CBU): While not a peer in the commercial sense, the Central Bank of Uzbekistan runs REPO auctions through UzRVB and is a key counterparty. Comparable as the principal regulatory and monetary-policy counterpart that shapes the exchange's product universe.

Emerging players

• Refinitiv / LSEG FXall: Global multibank FX electronic-trading platform. Comparable as an FX trading venue that competes with national exchanges for cross-border institutional flow, especially relevant given UzRVB's ambition to onboard foreign banks like Raiffeisen.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/uzceinfo
• YouTubeyoutube.com/channel/UC2JJwJoqjXb_C48XU-hrl5Q
• Facebookfacebook.com/uzceinfo
• Instagraminstagram.com/uzceinfo
• LinkedInlinkedin.com/company/uzce

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Uzbek Republican Currency Exchange