SAPF of Kazakhstan will deposit more in the banks

/IRBIS, Dec.09, 99/ - According to REUTERS, which cites Sergei Selesnev, the deputy director of the State memory pension fund (SAPF) of Kazakhstan, that organization is going to conduct in the first quarter of 2000 a tender among the business banks for the banks' deposits investment projects. "The Banks will be the agents, they will be respond. The SAPF deposits will be put in the base 12 banks", - has told Selesnev. The pension funds, including the state, can invest in the banks, which are defined by the National Bank. Selesnev has told, that after selection of an investment project, SAPF will define not less than two banks, through which financing of the real sector of economy will be implemented. SAPF has the right to put up to 10% from the total assets in the bank deposits. The SAPF assets make today more than 30 billion tenges. In the Selesnev opinion the investments can be directed to development of the food, light or pharmaceutical industries. The SAPF portfolio practically completely consists of state securities. In difference from the private pension funds, SAPF has not the right to put the means in the corporate securities. Now 15 private and one state funds act in Kazakhstan. The SAPF has 53% from the pension system total assets and more than one million person as the investors.