Magzhan Auezov "It is necessary to invest part of the shares of SAPF in securities"

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At the III Congress of NCE the head of the Association of Kazakhstani Financiers made a proposal: by end of the year to develop a mechanism for the transfer of the assets of SAPF under management of private companies

"We believe it is important by the end of 2016 to develop and to implement a mechanism for the transfer of the pension assets under management of private management companies with the requirement of placement of funds in the securities of Kazakhstani issuers", - said Magzhan Auezov.

The head of the Association believes "the existence of the possibility of a direct investment of pension assets to the private real economy through the tools of the stock market is one of the main factors determining the level of market activity and the amount of potential borrowing of companies". He noted that the investment of pension assets in the real sector is "extremely low" for several years.

"In particular, in 2014 the volume of placement of corporate bonds at the domestic exchange market amounted to 345 billion tenge. But we must understand that 300 billion tenge of it - is an investment in the bank's bonds. In 2015, the volume of placements reached 1 trillion tenge, but 75% also accounted for investment in the bank’s and quasi-public sector’s bonds. Thus, at the moment, if you look at the share of investments of SAPF in securities of the private sector, the stock market is an important alternative to long-term lending", - commented Magzhan Auezov.

SAPF (Single accumulative pension fund) was launched in Kazakhstan on 22^nd of August 2013. The Fund was established on the basis of SAPF. Founder and shareholder of the Fund is the Government of RK (represented by the State Property and Privatization Committee of the Ministry of Finance), the National Bank of Kazakhstan manages the assets of SAPF.