{"id":12621,"date":"2025-11-14T09:29:12","date_gmt":"2025-11-14T04:29:12","guid":{"rendered":"https:\/\/frank.uz\/bez-kategorii\/ozbekistonda-1-trln-somlik-ipoteka-obligatsiyalari-chiqariladi\/"},"modified":"2025-11-14T09:29:12","modified_gmt":"2025-11-14T04:29:12","slug":"ozbekistonda-1-trln-somlik-ipoteka-obligatsiyalari-chiqariladi","status":"publish","type":"post","link":"https:\/\/frank.uz\/uz\/yangiliklar\/ozbekistonda-1-trln-somlik-ipoteka-obligatsiyalari-chiqariladi\/","title":{"rendered":"O\u2018zbekistonda 1 trln so\u2018mlik ipoteka obligatsiyalari chiqariladi"},"content":{"rendered":"<h3>Nega bu muhim<\/h3>\n<p>Ipoteka obligatsiyalari ipotekani qayta moliyalashtirishning yangi vositasi bo\u2018lib, stavkalarni pasaytiradi va uy-joylarning ommabopligini oshiradi. Sekyuritizatsiya banklarning kapitalini yangi kreditlar uchun bo\u2018shatadi. 1 trln \u2014 pilot loyiha, muvaffaqiyatli bo\u2018lsa, kengaytiriladi. \u201cTartibga solish qumdoni\u201d \u2014 bozor uchun xavf-xatarsiz sinov.   <\/p>\n<h3>Nima bo\u2018ldi<\/h3>\n<ul>\n<li>ILMA ipoteka obligatsiyalari to\u2018g\u2018risidagi nizomni tasdiqladi;<\/li>\n<li>UMRC SPV 5 ta bankning kreditlari uchun 1 trln. so\u2018mlik obligatsiyalar chiqaradi;<\/li>\n<li>\u201cTartibga solish qumdoni\u201d \u2014 tajriba loyihasi;<\/li>\n<li>Reglament: sekyuritizatsiya, talablar, chiqarish, muomala, REPO.<\/li>\n<\/ul>\n<h3>Ipoteka obligatsiyalari<\/h3>\n<ul>\n<li><strong>Bu nima: <\/strong>ipoteka kreditlari puli bilan ta\u2019minlangan qimmatli qog\u2018ozlar. Investorlar obligatsiyalarni sotib olishadi, qarz oluvchilarning ipoteka bo\u2018yicha to\u2018lovlaridan daromad olishadi. <\/li>\n<li><strong>Nima uchun:<\/strong> ipotekani qayta moliyalashtirish \u2014 banklar KRI kreditlarini sotadi, pul oladi, yangi kreditlar beradi. Stavkalarning pasayishi \u2014 kapital ko\u2018proq, fondlashtirish qiymati kamroq bo\u2018ladi. <\/li>\n<\/ul>\n<h3>Sekyuritizatsiya<\/h3>\n<ul>\n<li><strong>Jarayon:<\/strong> banklar ipoteka kreditlarini KRIga o\u2018tkazadi, KRI pulni shakllantiradi, UMRC SPV ushbu pul ostida obligatsiyalar chiqaradi, investorlar sotib oladi, qarz oluvchilar ipoteka bo\u2018yicha to\u2018laydi \u2014 investorlar daromad oladi.<\/li>\n<li><strong>Kreditlarga qo\u2018yiladigan talablar: <\/strong>nizom pulga kiritish uchun mezonlarni belgilaydi (qarz oluvchining sifati, LTV, muddati).<\/li>\n<\/ul>\n<h3>Ishtirokchilar<\/h3>\n<ul>\n<li><strong>IMK (Ipotekani qayta moliyalashtirish kompaniyasi):<\/strong> banklardan kreditlar sotib oladi, pul shakllantiradi.<\/li>\n<li><strong>UMRC SPV:<\/strong> obligatsiyalar chiqaradi.<\/li>\n<li><strong>Orginator banklar:<\/strong> Pulga kredit beruvchi 5 ta bank.<\/li>\n<li><strong>Markaziy depozitariy: <\/strong>obligatsiyalar hisobi.<\/li>\n<li><strong>ILMA:<\/strong> \u201cqumdon\u201d regulyatori.<\/li>\n<\/ul>\n<h3>tartibga solish qumdoni<\/h3>\n<ul>\n<li><strong>Bu nima:<\/strong> yangi moliyaviy vositalarni to\u2018liq tartibga solmasdan sinovdan o\u2018tkazish uchun maxsus rejim.<\/li>\n<li><strong>Nima uchun:<\/strong> ipoteka obligatsiyalarining ishlashini tekshirish, xatarlarni aniqlash, mexanizmlarni kengaytirishdan oldin takomillashtirish.<\/li>\n<\/ul>\n<h3>Ipoteka obligatsiyalari nima uchun kerak<\/h3>\n<ul>\n<li><strong>Qayta moliyalashtirish: <\/strong>banklar IMK kreditlarini sotadi, yangi kreditlar uchun kapitalni bo\u2018shatadi \u2014 ipoteka hajmining o\u2018sishi.<\/li>\n<li><strong>Stavkalarning pasayishi: <\/strong>kapital ko\u2018proq, fondlashtirish qiymati pastroq \u2014 stavkalar 18-20% dan 15% gacha.<\/li>\n<li><strong>Uy-joyning arzonligi: <\/strong>stavkadan past, ko\u2018proq kreditlar \u2014 ko\u2018proq oilalar uy-joy sotib olishi mumkin.<\/li>\n<\/ul>\n<h3>Mohiyat<\/h3>\n<ul>\n<li><strong>Ipoteka o\u2018sib bormoqda:<\/strong> subsidiyalash (birlamchi uy-joy uchun 7 foiz), daromadlarning o\u2018sishi (+ish haqining 19 foizi) tufayli ipoteka kreditlari hajmi o\u2018sib bormoqda.<\/li>\n<li><strong>Muammo:<\/strong> banklar kapital bilan cheklangan \u2014 ko\u2018proq kredit bera olmaydi. Sekyuritizatsiya muammoni hal qiladi. <\/li>\n<li><strong>Ipoteka obligatsiyalari \u2014 jahon amaliyoti:<\/strong> AQSH (Fannie Mae, Freddie Mac), Yevropa ipotekani qayta moliyalashtirish, stavkalarni pasaytirish uchun ishlatiladi.<\/li>\n<li><strong>1 trln.lik pilot: <\/strong>masshtablashdan oldingi test. Muvaffaqiyatga erishilsa, ishlab chiqarish 5-10 trln. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>ILMA \u201ctartibga solish qumdoni\u201d doirasida ipoteka obligatsiyalarini chiqarish to\u2018g\u2018risidagi nizomni tasdiqladi.<\/p>\n","protected":false},"author":4,"featured_media":12611,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_sharing_image":{"poster":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/11\/6916eacf8ee48.jpg","width":1200,"height":630,"template":"2bf59057","mode":"auto"},"_sharing_image_fieldset":{"Dv78f24rp1hU":12611,"YlB8HH34jIzY":"O\u2018zbekistonda 1 trln so\u2018mlik ipoteka obligatsiyalari chiqariladi"},"pin_until":"","footnotes":""},"categories":[622],"tags":[859,760,1129,3642],"class_list":["post-12621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-yangiliklar","tag-ipoteka-uz","tag-finansy-uz","tag-obligatsiyalar","tag-sekyuritizatsiya"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>O\u2018zbekistonda 1 trln so\u2018mlik ipoteka obligatsiyalari chiqariladi &#8212; 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