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Educational Programme
Final Grade
Year of Graduation
Shamshod Azamqulov
Hedging of a Currency Risks in Central Asia on the Example of "Capital-T"
(Bachelor’s programme)
Hedging of currency risks in the countries of Central Asia is relevant for today for several reasons:

• Very few studies on this topic, since Russia began to seriously think about hedging currency risks after the 2014 crisis.

• After the 2014 crisis, Russia and the countries of Central Asia experienced a decline in the economy, rising prices and unemployment, since the economic situation in Russia directly affects the economy of the countries of Central Asia. After the ruble exchange rate in respect of the currencies of these countries fell by half, there was a sharp decrease in GDP in Tajikistan


by 45% since 50% of the share of GDP in this country falls on sending money from migrants from Russia

• The 2014 crisis hit sharply the positions of enterprises that specialize in importing goods from Russia to Tajikistan. One of these companies is LLC Capital - T, which specializes in the import of products such as sunflower

oil, instant noodles, pasta of different varieties, condensed milk and other essential goods.

The object of study is the currency risks of LLC "Capital - T". The subject of the study is the hedging of currency risks of LLC “Capital - T” using derivative financial instruments.

The purpose of the thesis - Hedging currency risks in the countries of Central Asia on the example of LLC "Capital - T" with the help of derivative financial instruments.

To achieve the goal tasks were set:

 Determination of currency risk and its impact on the Central Asian market

Acquaintance with the theoretical part of derivative financial instruments

Comparative analysis of the hedging strategy in the derivatives market

 Determination of the level of volatility of Central Asian countries

 Creating a model to determine the level of currency risk significance

Finding the optimal hedging method for an LLC

"Capital - T"

Foreign and domestic publications, books, monographs and articles were used to disclose the topic

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