Uzbekistan has dissolved its Capital Market Development Agency, created two years ago to regulate the Central Asian country’s securities market, and transferred its functions to the finance ministry, Uzbek justice ministry.

The decision is a part of the President Shavkat Mirziyoyev initiative aimed at optimisation of the state administration. The agency’s functions have been transferred to the finance ministry.

The process envisages the reduction of the management personnel by 15 percent. In addition state bodies are instructed to oversee the 10 percent personnel reduction in joint-stock companies with the state shares of 50 percent or more.

Some local news websites reported, the reduction would affect some five thousand public employees.