08 June 2004 06:51
VEB invests 79% of pensions savings in bonds
MOSCOW. June 8 (Interfax) - Vnesheconombank (VEB), the government management company for pensions savings, invested
79% of pensions in ruble government bonds, VEB Deputy Chairman Vasily Kirpichev said a pension reforms meeting in Moscow
on Tuesday.
VEB invested 2.5% of the pension savings portfolio in foreign currency denominated bonds and 18.5% in Central Bank of
Russian cash accounts.
The Russian Pension Fund transferred 45.56 billion rubles in pension savings for 2002 to VEB at the end of March,
Kirpichev said. The portfolio had market value of 46.18 billion rubles on June 1. Yield to redemption for the securities
portfolio at purchase price is 7.38%.
Most of the pension savings were invested in ruble government bonds because of the restrictions on pension
investments. Trade organizers can only make pension investment transactions through non-direct market deals. The ban
covers MinFin bonds, which are not circulated on the organized exchange market. Eurobonds can be traded on the MICEX but
most turnover occurs on the over-the-counter market. Average daily volume for Eurobonds on the MICEX is $50,000,
compared with over $200 million on the over-the-counter market, he said. [RU ASIA EUROPE EEU EMRG BNK GVD M CEN FUND
EUB] me
[Interfax] |
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