ALMATY, Oct 20
(IRBIS)
The National Commission on Securities of the Republic Kazakhstan submitted unique data on the republican pension assets (PA). (These data have never been published before.)
It is concerning the profitability (percents p.a., calculated as accumulated result) of depositors� assets. The rate was calculated taking into consideration the period when pension assets were managed by different companies, as well as changes of �tenge/ dollar� exchange rate, as most assets had been invested to securities denominated in the American currency or the interest on which is being calculated according to tenge�s devaluation.
That means that a depositor of the Accumulating Pension Fund, who has decided to receive his assets in tenge and thus �fix� his income, will gain the above-mentioned profit.
The below are data submitted by NCS (in % p.a.)
Name of the CMPA & NCS 1st quarter 1999 2nd quarter 1999 3rd quarter 1999
SAPF 19.68 116.48 67.74
Company of the People�s Bank of Kazakhstan managing pension assets People�s Bank Fund 22.88 113.04 87.58
SENIM * 6.55
Zhetisu Company Ulpar 29,92 117,69 91,49
Kazakhmys 28,92 118,49 92,94
ABN AMRO Asset Management People�s Pension Fund 24,84 110,48 86,04
NefteGas-DEM 24,62 110,92 85,99
Kunaev�s Fund 22,07 81,12 64,85
Zhardem 13,43
CaspyMunaiGas 25,43 105,05 82,41
ABN AMRO Fund 92,99 59,11
Trade Unions federation Fund 38,82 30,18
Akniet company`Kazakhstan 26,74 99,14 **78,88
UMIT 23,81 97,78 77,16
Aktive-Invest Valyut-Transit Fund 21,08 ***65,44 ***48,13
BTA Asset Management Kurmet 10,22 83,16 66,33
Valyut-Transit Fund ***20,13 ***17,41
Kazakhstan **83,80
* Since August 2, 1999 pension assets of the JSC �APF �SENIM� were transferred to management by the JSC �Company of People�s Bank of Kazakhstan managing pension assets�.
** Till September 22, 1999 pension funds of the JSC �APF �Kazakhstan� were managed by � CMPA �Ak Niet�, then they were transferred to the JSC �CMPA �BTA Asset Management�
*** On May 17 pension assets of the JSC �Valyut-Transit Fund� were transferred to management by �CMPA �BTA Asset Management� and on September 19, 1999 these assets were returned to the previous company.
Taking into consideration these data, the most effective management is of the JSC CMPA �Zhetisu�, despite the value of PA managed by this company is less that of �Company of People�s Bank Managing Pension Assets�. According to the data of NCS, as of 01.10.99 the value of net PA (PA value less liabilities under calculated bonus, and credit liability on pension payments) of the CMPA �Zhetisu� was 5.293 billion tenge (22.1% of total PA of all private accumulative pension funds). This index of the JSC �Company of People�s Bank of Kazakhstan Managing Pension Assets� is 9.602 billion tenge (40.1%).
It is noteworthy that the CMPA of the People�s Bank takes the second place.
The styles of work of these companies have in common the only thing: while investing they prefer either financial instruments indexed according to devaluation or denominated in hard currency. However, this is not enough. Taking into consideration the dynamics of indices given in the table, these companies are able to react fast and effectively to changes of the tenge�s devaluation rate. In the result, changes of the rate do not cause a lost of potential portfolio interest.
These data are visually illustrating �advantages� of PS investment to SAPF. But it is necessary to remember that according to the present legislation, SAPF is greatly limited while choosing financial instruments, than private accumulative funds are.
According to NCS, as of October 1, 1999 the value of net PA in the republic was 56237.3 million tenge (i.e. US$ 397.1 million according to the corresponding average exchange rate).
The share of SAPF assets is 57.4%.
There are six CMPA, 14 non-state and one state Accumulating Pension Funds in the country.
The republican state enterprise of postal service at the Ministry of transport and communications RK is accepted in the members of Exchange
/IRBIS, Oct.20, 99/ - Decision of the Council of KASE (protocol #14 dated October 19, 1999) Republican state enterprises of postal service at Ministry of transport and communications RK is accepted in the members of the Exchange under the following categories: �K� - right to participation in trades in state securities, circulating on Exchange; �Д - right to participation in trades in non-state securities included in the official list of Exchange and in state blocks of shares privatizing organizations; �͔ - right to participation in trades in non-state securities allowed to the circulation in sector �Non-listing securities� of the Exchange trade system.
According to the decision #125/0 of KASE Board of October 20, 1999 to the company the trade code RGPPS and registration number 133 were given.
By the data of SAK a national debt of Kazakhstan on July 01 - 425 billion tenges
/IRBIS, Oct.20, 99/ - In the next report the Statistics Agency of Kazakhstan has shown the data on the external and internal debt of Kazakhstan as of July 01 of the current year. According to these data, the whole governmental debt on this date makes 425.1 billion tenges, including 323.2 billion tenges of the external debt and 101.9 billion tenges of the internal one.
01.07.99 01.04.99 01.01.99
The internal debt 101.949 76.256 83.910
The external debt 323.174 215.699 203.675
including Euronotes 72.050 48.125 46.090
The debt all 425.123 291.955 287.585
The Agency informs, that on July 01, 1999 total volume of state securities, issued by the Ministry of Finance and the National Bank of Kazakhstan, has made 164.4 billion tenges, 43.8% from them belong to Euronotes.
In the report of agency is told, that in the internal debt a main share (33.8%) belong to MEAKAM (they are in the National Bank management, i.e. they are the Bank�s property), and 31.3% are the special currency state bonds �V�����.
Do not dispute with the indicated official information, the IRBIS agency shows its own data on the internal and external debt in state securities (billion tenges):
30.09.99 30.06.99 31.03.99 31.12.98
The internal debt 83.384 71.512 69.843 85.942
Euronotes 72.559 72.770 48.456 46.200
Total in SS 155.943 144.282 118.300 132.142
As against official statistics the indicated parameters are received from databases of IRBIS and KASE based on daily granted information of the Ministry of Finance, the National Bank and Central depositary of securities (on the base of it the State Securities trades on KASE are conducted). At that transfer of dollar assets in tenge is made under the acting rules of State Securities placement and redemption, the Euronotes are calculated at the average weighted USD/KZT market rate, acting on the indicated date.
It is remarkable, that the indicated sums of the debt do not include the sums of compensation, which the state should pay to the SS holders.
KASE: demand for dollars continue to grow
/IRBIS, Oct.21, 99/ � The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 24 banks participated in the trades.
Today the trades were opened in the US dollar at 140.60 tenge per unit. After a little jump up to 140.61, the dollar exchange rate began to fall quickly under the influence of enormous supply, and reached the lowest mark of the day � 140.49 tenge per unit at 16th minute of the trades. Apparently, the market was not ready to accept a high price of the dollar offered by the sellers at the beginning of the session.
The second phase of the trades went in another market conjuncture. The dollar exchange rate reached the optimal value, and the market got balanced. The dollar was traded within 140.51-140.52 interval for 22 minutes without any explicit trends and with dealers working active.
Last ten minutes of the session went on with growing price of an American currency. It seems as if the banks wanted to buy dollars and waited for further decrease of the exchange rate throughout the session. However, sellers had a good sense of demand and did not make a compromise. It made the initiative to go to the sellers in a final stage of the trades, and they could raise the market almost till opening level.
The trades were closed at � 140.53/59 tenge per unit.
273 deals were made in US dollars. Weighted average dollar exchange rate made 140.52 (+0.04). Volume of the session - $9.895 mln (-$1.835 mln). Exchange rate fluctuation during the trade did not exceed0.09%.
As expected, demand from the banks of the second tier grew up on today�s trades. However, not that much to make the dollar to be sold at any price. Temporary devaluation expectations of the participants noticeably decreased. Even if the banks strove for lengthening their currency positions, nobody wanted to buy high. The market seemed to be balanced today, and dealers� work turned out to be stubborn resistance game for their positions, which looked like win or loose game. The weighted average exchange rate formed by the results of the session became a true result of a compromise. And the balance of demand and supply reached at the trades seemed to be shaky.
One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.60/65 tenge per unit, two hours later �140.60/70.
4 deals were made in Deutsche mark. Weighted average exchange rate of the mark � 77.63 (-0.24) tenge per unit. Trade volume � DEM80 (+65) thousand. At closing of the session Deutsche mark was quoted at 77.55/65 tenge per unit.
No deals were made in euro. At closing of the session euro was quoted at 151.10/55 tenge per unit.
ALMATY, Oct 21
(THE GLOBE)
Halyk Savings Bank was granted a status of a serving agent of the international payment system MoneyGram,� the regional director of the company announced on Thursday.
According to Emil Al Shibib, on the last Wednesday they signed an agreement for opening of 180 items in all departments of the Halyk Bank for fast money transfer, as well as to receive transmissions from abroad.
The advantage of the new banking service is that a client transfers money �from passport to passport�. An addressee of the transfer may receive money having showed a document confirming his personality everywhere at any MoneyGram item.
�We control about 20% of all fast money transfers around the world and have more than 35 thousand locations in 138 countries of the world,� Mr. Al Shibib emphasised.
Unlike another payment system SWIFT, when a recipient receives money from a concrete account in the bank, sender of the transfer may miss a concrete place where money is to be received.
�SWIFT money transfer is sent within 1 to 2 days, while an addressee of MoneyGram transfer may receive money in 15 minutes after an electron signal achieves a cashier of one of the MoneyGram departments in any place in the world,� he stated.
However, the value of MoneyGram transfer is about 7% of the transferred amount, while SWIFT money transmission � less 1%.
According to the MoneyGram regional director, in 2000 the company plans to introduce another two new services (money transfer �over telephone� and money transmission by a natural person to different companies).
The managing director of the Halyk Bank said that beside these innovations, till the end of that year the bank planned to introduce the system of servicing through Internet.
ALMATY, Oct 15 (THE GLOBE)
In the end of the last week the German Embassy and the German economic club held �Day of German economy� in Almaty.
Representatives of more than 40 German companies gathered together to share business experience in Kazakhstan with professors from local universities and students from economic faculties of Almaty institutes, as well as to present activity of their companies in Kazakhstan.
The judge of the Supreme Federal Karlsruhe Court Dr. Joachim Bornkamm who was specially invited from Germany, estimated the German legislation current in force as protecting competitiveness. Thus, he touched problems, which are getting more and more important in Kazakhstan.
Representatives of the German economic club awarded Alya Sakieva, an Almaty student for her diploma work �Development of the Kazakhstan grain market in comparison with the world�s one�. This prize is scholarship granted by Karl Duisberg�s society for three-month training in Germany (tour expenses will be borne by Lufthansa).
�For Germany Kazakhstan is one of the most important partners in Central Asian region. 49% of the total consumable turnover with Central Asia is with your country,� representative of the German Embassy said.
For the last three years the consumable turnover between Germany and Kazakhstan has been continuously growing. According to official data of the German Ministry of Economy, in 1997 turnover between the two countries was DM 1.214 billion, in 1998 � DM 1.358 billion, and for half-a-year of 1999 � DM 712. 1 million.
According to the President of the German economic club, Dr. Marco Graff and Jorg Metger, charge d�affaires of Germany, this event is expected to be held regularly.
ALMATY, Oct 19 (THE GLOBE)
�The government�s decree on prohibition of import of Russian products did not supported properly the Kazakhstan producer,� the president of the Union of food-producers announced on Tuesday in Almaty.
According to Timur Dnishev, the period of validity of this decree was insufficient to realise the program on support of the local producer.
�These were just verbal efforts, which were not realised,� he emphasised.
Another problem is the contraband import of products at damping prices, due to which the Kazakhstan producer is in unequal competitive conditions.
It is known, during the Soviet period Kazakhstan almost completely provided itself with food produced locally.
�Now the conditions for the development of the producer are significantly worse in Kazakhstan, in comparison with Russia. For example, power tariffs are lower in Russia, and they have created privileged conditions for products transportation,� Mr. Dnishev said.
As a result, at present the republic provides itself with food only by 55%. Besides, lobby supporting import of products is strongly developed in Kazakhstan.
�It is necessary to create favourable conditions for development of the local producer, in particular, to reconsider crushing tax legislation. Only then the producer will be able to saturate our market with qualitative products and to export the same,� he added.
Timur Dnishev said about 40 companies from foreign countries, which exhibited their technologies, participated in the industrial exhibition �Eurasia�99�.
However, the difficult economic situation in Kazakhstan caused that many Kazakhstan companies had to reject participation in the exhibition due to financial problems.
All Over the Globe is published by IPA House.
© 1998 IPA House. All Rights Reserved.