Investment income of the Unified Accumulative Pension Fund (UAPF) fell by 240 billion tenge in March against the backdrop of the tenge strengthening against the US dollar. At the same time, the indicator has remained positive since the beginning of the year, reflecting the impact of currency fluctuations on pension assets.
WHY INVESTMENT INCOME DECLINED
According to Deputy Chair of the National Bank, Aliya Moldabekova, this refers not to a loss for the fund, but to a decrease in investment income due to the currency revaluation of assets.
"A certain portion of investment assets – almost 40% – is invested in foreign currency for diversification purposes. And since the beginning of the year, that is from January to the end of March, the tenge has strengthened against the US dollar by almost 5.5%," explained Aliya Moldabekova at a briefing in the Senate.
WHAT INCOME HAS BEEN EARNED SINCE THE START OF THE YEAR
According to the Deputy Chair of the National Bank, investment income has remained positive since the beginning of the year and exceeds 270 billion tenge.
Over the past year, the figure amounted to approximately 2.5 trillion tenge.
"I would like to note that the yield on pension assets cannot be measured over a short-term horizon — each week or month. These are, after all, long-term savings. We believe that the correct benchmark for assessing pension assets is their long-term return," stated Aliya Moldabekova.
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