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National Bank shouldn’t act as both the owner and regulator of the single pension fund: Gregory Marchenko

28 january 2013, 12:08
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Central Bank Governor Gregory Marchenko. Vladimir Dmitriyev ©
Central Bank Governor Gregory Marchenko. Vladimir Dmitriyev ©
President Nazarbaev’s task to launch a single pension fund will be accomplished, Central Bank Governor Gregory Marchenko announced January 25, Profinance.kz reports.

“President made the decision to the benefit of the nation (…) and it will be brought to life (…) The Government and the National Bank are to draft specific suggestions within a month”, Mr. Marchenko said.

“If everything is done right, the system may work better than it currently does”.

According to the Central Bank Governor, the single pension fund should be owned by the Government (…) by the Finance Ministry, for instance, so that there would be no collision of interests: the National Bank shouldn’t act as both the owner and regulator”.

As it comes to its assets management, “the part of money that will be invested into assets outside Kazakhstan could be managed by the National Bank”. As for money to be channeled into the internal market, the single pension fund will be holding contests to choose optimum asset management companies, and the latter will be investing into equity, bond and other instruments. The ideal option would be for the National Bank to define the list of instruments the money could be invested into (…) but this issue is subject to further discussions”, Mr. Marchenko emphasized.

January 23 at a sitting in his Astana-based residence, President Nazarbayev suggested launching a single pension fund. According to him, such consolidation under the supervision of the National Bank would enable to more effectively manage people’s savings.

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