National Securities Commission data shows $383.5 mln of net pension assets at the beginning of August in Kazakhstan

/IRBIS, Aug.18, 99/ - National Securities Commission data shows that the sum of net pension assets in the republic (sum of pension assets excluding liabilities on commissions charged, credit liability on pension payments) made 50,573.9 mln tenge or $383.5 mln as of August 01, 1999 at the weighted average exchange rate for that day. The same figure for July 01 - 49,093.0 mln tenge or $370.2 mln. In a month assets had risen 0.3% in terms of tenge and 3.6% in terms of currency. For the previous month it was 5.6%, and 3.0%, respectively. Growth of assets in tenge seems to slow down. At the beginning of August PA totaled at 51,925.2 mln tenge, of which 51,396.7 mln was invested. Share of State Accumulation Pension Fund assets decreased from 69.0 to 64.4% within a month. Following is the data of assets invested in financial instruments (in brackets - the same figure as of July 01): domestic State Securities of Ministry of Finance (KZT) - 3.31% (1.17%); domestic State Securities of Ministry of Finance (USD) - 63.02% (68.88%); eurobonds of an independent debt of Kazakhstan (USD) - 28.69% (27.44%); notes of the National Bank of Kazakhstan (KZT) - 1.49% (0%); notes of the National Bank of Kazakhstan (USD) - 0% (0.02%); bonds of local executive bodies of Kazakhstan - 0.07% (0%); other securities of local executive bodies of Kazakhstan - 0.02% (0%); non-state securities (KZT) - 0.32% (0.26%); non-state securities (foreign currencies) - 1.84% (0.92%); deposits and certificates of deposit (KZT) - 0.07% (0.14%); deposits and certificates of deposit (foreign currencies) - 1.18% (1.16%). These figures show that portfolios of Independent Pension Funds were restructured by strengthening tenge influence; share of the National Bank notes and non-indexed State Securities of the Ministry of Finance rose significantly. Portfolios were not restructured in June. New items emerged in the classification regarding the securities of local executive bodies of Kazakhstan. No principal changes were noticed in investment portfolios of Independent Pension Funds. Companies for Controlling Pension Assets still prefer independent euronotes and indexed at devaluation State Securities. The agency IRBIS points out that during the reporting period Companies for Controlling Pension Assets kept buying GDRs of Kazakhstan companies, and also securities of non-residents of the republic which have highest credit rating.