The pension savings of Kazakhstanis might be entrusted to foreign investment managers. President Kassym-Jomart Tokayev introduced this idea during a meeting with the Astana International Financial Centre (AIFC) Management Council, according to Akorda.
According to the president, liquidity (the ease of selling assets at market price) is one of the most important indicators of a stock market’s level of development.
Tokayev also noted that under national legislation, Kazakhstanis can transfer up to 50% of their retirement savings to private management companies.
«In light of this, the president proposed considering foreign investment management companies to gain access to pension assets and financial instruments within the AIFC,» the president’s press service stated.
President Tokayev has recommended that the National Bank, in conjunction with the cabinet, the AIFC and the Agency for Regulation and Development of the Financial Market, explore new measures aimed at tightening criteria for company localization within the center.
He also emphasized the importance of gradually increasing the share and volume of securities in the local stock market, as well as their placement in foreign markets. The president further stressed the importance of facilitating the public listing of Kazakhstani companies, as this would demonstrate their efficiency and transparency, Kassym-Jomart Tokayev pointed out.
