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Depositors to play no role in managing pension savings: Central Bank Governor

29 july 2013, 14:03
0
©REUTERS
©REUTERS
Depositors will play no role in managing of their savings kept with the Single Pension Fund to be shortly launched in Kazakhstan, the country’s Central Bank Governor Gregory Marchenko stated in an on-line conference arranged by Profinance.kz.

According to Mr. Marchenko, the funds will be invested both in the internal and external markets. The investments activities will be regulated by a strategy to be developed by the Pension Assets Management Board. The compound of the Board is subject to Kazakhstan President’s approval. It is to include reps of the Government, Central Bank, financial market players as well as independent experts.

“Investing into infrastructure projects, instruments of the banking sector and high-yield external assets will be done exclusively in line with market principles”, he elaborated.

Mr. Marchenko briefed that “the process of forming the Single Pension Fund is not complete”. It is being created on the basis of the state-run pension fund [the rest of the country’s pension funds to be merged are privately-owned]. Kazakhstan’s Government will be the founder and the sole shareholder of the Single Pension Fund. The assets will be managed by the National Bank (Central Bank of Kazakhstan) as the Bank already has a vast experience of managing the National Oil Fund’s money”, he said.

According to Mr. Marchenko, pension savings as of June 1, 2013 made up $22.2 billion.

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