PAMC JETYSU (Almaty) received NBK's general license on capital flow operations

/IRBIS, Oct.16, 00/ - Today Pension Assets Management Company JETYSU (Almaty) informed the IRBIS agency of the fact that it received the general license #25010/1/370 of the National Bank of Kazakhstan (NBK). The license allows to conduct capital flows operations stipulating transfer (displacement) of currency valuables from Kazakhstan residents to non-residents. License is granted on the basis of Rules on licensing of activity stipulating the use of currency valuables, approved by the Resolution of the Board of NBK #130 dated Apr 24, 1997 and its new wording from July 20, 2000. The present Resolution allows to invest pension assets into more liquid and reliable international financial instruments holding "AA" rating grade (by classification of Standard & Poor's и Fitch IBCA). This possibility would help diversify pension funds portfolios and widen the list of financial instruments, in which NSC allowed to invest assets of NAPF. Presently, IRBIS agency possesses an information on euronotes holdings in investment portfolio of non-state accumulative pension funds (NAPF). Among them are euronotes of International Bank for Reconstruction and Development, Asian Development Bank and Intra-American Development Bank of General Electric. These instruments are characterized by highest rating grades. As of Oct 01, 2000 PAMC ZHETISU manages over assets of two NAPF: PAPF Ular CJSC and APF Kazakhmys CJSC. It is the second company by the size of controlled assets. According to the NSC data, for the period from Oct 1999 to Oct 2000 the real income ratio for pension assets of PAPF Ular CJSC amounted 7.15 and APF Kazakhmys CJSC - 8.00. For instance, the weighted average of value of this indicator for pension assets of all APF totaled 7.24.