Kazakhstan needs to reconsider principles of management of country's reserves of foreign exchange and gold

Kazakhstan, Astana, Sept. 10 /Trend, A.Maratov/
Kazakhstan needs to reconsider the principles of management of the country's reserves of foreign exchange and gold, the President of Aspandau Scientific-Educational Foundation Kanat Nurov believes.
"Gross international reserves and assets of the National Fund as of mid-2011 have already exceeded the equivalent of $75 billion, and increased by more than 25 times over the past ten years," said Nurov.
He said thanks to the Fund, Kazakhstan has taken anti-crisis measures and progressively returned to state ownership the important assets that the Republic sold in 1990s.
"This is - Ekibastuz GRES-1 power station, Bogatir coal plant, participation share in Kashagan, Mangistaumunaigaz and Kazakh oil refinery," said Nurov.
By 2020, the National Fund assets, without international reserves, will amount to at least 30 percent of GDP or $90 billion. For comparison, Russia's international reserves amount to about $540 billion, increasing by 15 times over the decade.
"However, the ambiguity of the external, third-party management of the National Fund on the backdrop of falls in income, tightening restrictive measures in activities of public funds - Sovereign Wealth Funds and political risk of freezing funds, require more caution and responsibility for the safety of Kazakhstan's savings," the expert believes.
He said an appropriate reassessment of the external asset management should be conducted in the next decade, which will lead to partial transfer of funds to the internal management, until the full physical internal control of reserves of precious metals.
"Popularity will be gained by the simple, open mechanisms for internal use of the National Fund: reinvestment in the domestic securities, repayment of expensive external public debts, financing of cash handling stamped coins of precious metal; transfer of accounts, e-savings to physical gold, silver, platinum, palladium of Kazakh production stored in Kazakhstan; maternity capital for newborns; retirement savings in the form of land plots, estates or grain receipts, etc.," Nurov said.
He said there will appear a tendency to transfer forms of national wealth from outside, virtual, electronic to domestic, tangible and open for use.

Registration of new enterprises down in Georgia
Registration of new enterprises down in Georgia
EU overseeing several projects to reinforce renewable energy use in Georgia
EU overseeing several projects to reinforce renewable energy use in Georgia
Despite events in Armenia, it's necessary to continue implementation of agreements on Nagorno-Karabakh -  Russian official
Despite events in Armenia, it's necessary to continue implementation of agreements on Nagorno-Karabakh - Russian official
Loading Bars
Latest
Assistant to Azerbaijan's president talks country's success in int'l information field
Baku Stock Exchange to auction off Azerbaijani Central Bank's short-term notes
Azerbaijan records growth of GDP in non-oil sector over Jan. 2021
Azerbaijan discloses volume of fruits and vegetables exported since early 2021
Azerbaijan would like to bring new ideas, proposals to region with help of OSCE - MP
Uzbekistan, Tajikistan talk opening ground checkpoints
All Armenian prisoners of war have been returned to Armenia - Azerbaijani MP
President Aliyev makes phone call to President Erdogan
Number of electronic registrations of businesses in Azerbaijan growing
TikTok is more affordable with Azercell!
Etsy not thinking of accepting bitcoin right now
Kazakhstan, Azerbaijan reach agreement on drilling wells with Satti jack-up rig
Only close cooperation can help demilitarize South Caucasus region - Azerbaijani MP
Azerbaijan Caspian Shipping CJSC receives int'l certificate in use of specialized software
FAO outlines strategy for healthy and productive livestock in Europe, Central Asia
Azerbaijan's January 2021 revenues from exports to US increase over fourfold
Registration of new enterprises down in Georgia
We have created new realities, Armenia and other countries must reckon with it - President Aliyev
Azerbaijan's AzerGold, BUZ Consulting ink contract to acquire Microsoft license
Precious metal prices down in Azerbaijan
Azerbaijan's State Employment Agency opens tender on e-platform development
Azerbaijan holds minute of silence to honor Khojaly genocide victims
Turkmenistan's Turkmenhimiya extends tender for turnkey construction of plants
Putin discusses current situation in Karabakh with Russian Security Council members
Azerbaijan records decline in total assets of local banks for Jan.2021
CNPC in Turkmenistan opens tender for purchase of tubing, spare parts
TPP in Uzbekistan announces tender for construction of combined cycle unit
Iran launches telecommunication projects in Isfahan Province
Azerbaijani witnesses to Khojaly genocide recount tragic events - Trend TV (VIDEO)
Turkmenistan conducts exploration, drilling operations at fields in Caspian region
Portugal's 'Original Features' shoots film about Khojaly genocide (VIDEO)
China will extend tariff exemptions for 65 U.S. products
Azerbaijan reports 180 more COVID-19 recoveries
Russian state official stresses need to reveal out causes and culprits of Khojaly tragedy
Uzbekistan to increase number of facilities recording water based on 'smart water’ technology
Uzbekistan’s 2020 volume of foreign direct investments down
Nothing must divert involved sides from main task in Nagorno-Karabakh region - Russian MFA
Kazakhstan reports increase in agriculture yield year-on-year
Iran's export to Spain declines
EU overseeing several projects to reinforce renewable energy use in Georgia
Azerbaijani population honoring memory of victims of Khojaly genocide (PHOTO)
Despite events in Armenia, it's necessary to continue implementation of agreements on Nagorno-Karabakh - Russian official
Azerbaijan jointly with Turkey to improve gaming industry - Game Tech
Pfizer COVID-19 vaccine reduces transmission after one dose
India's April-Jan fiscal deficit hits 66.8% of full-year target
Azerbaijan discloses amount of compensations paid to depositors of closed banks
Turkmenistan, Russia considering co-op in construction, electrification of railways
EBRD reveals info on investments in Azerbaijani projects
Turkey to ask Russia for discount on natural gas imports
European Council President Charles Michel to visit Georgia
Spain lowers import of Azerbaijani crude oil
WB, BSEC and Georgia start consultations on 'blueing the Black Sea'
Azerbaijani ombudsman makes statement on 29th anniversary of Khojaly genocide (VIDEO)
There will be good opportunity for cooperation between our relevant agencies and international companies - President Aliyev
Azerbaijan issues data on 2020 oil export to Greece
France raises imports of Turkish made cars
Turkey records increase in car exports to Georgia
Turkey discloses foreign trade turnover in Jan. 2021
We are preparing master plan for reconstruction of each city - President of Azerbaijan
Process of modernization of Azerbaijani cities continues - President Aliyev
Armenia ruined almost all religious monuments in Azerbaijani de-occupied lands - State Committee
Turkish president reveres memory of Azerbaijani brothers and sisters ruthlessly murdered in Khojaly
Memory of Khojaly genocide to live forever, says Azerbaijan's ombudsperson
Azerbaijan sees decline in crude oil exports to India
Azerbaijan nearly doubles oil supplies to Ukraine
Turkey discloses number of ships received at Antalya port in Jan.2021
Turkmen Airlines to receive new Boeing 777-200LR aircraft
Georgian Oil and Gas Corporation reveals amount of oil extracted in country
Turkmenistan extends suspension of flights
We were preparing for war all these years, we never concealed that - President of Azerbaijan
Pakistani Airlines requests permission to operate flights to Uzbekistan
According to our information, about 6,000-7,000 invaders were killed - President of Azerbaijan
Armenia has never been in such miserable state - President of Azerbaijan
State of Azerbaijan and I as President will always be with members of martyrs` families and war disabled - President Aliyev
Starting from July 17 until last day of war, several planes brought free weapons to Armenia every day - President Aliyev
Blood of victims of Khojaly was also avenged in second Karabakh war - President Aliyev
Current, former leaders of Armenia to be blamed for country’s current tough situation - Azerbaijani President
President warns about 'revanchism sentiments' regarding Azerbaijan's lands
Did Armenia buy those Iskander missiles for money? It got them for free - President Aliyev
Bangladesh PM’s younger sister gets first shot of Covid-19 vaccine
Thai-Sikh girl wins Bangkok award, dreams of Bollywood
We have shown that people of Azerbaijan are victorious - President Aliyev
Relatives of those in Armenia killed in war didn't even receive a hut, let alone a house - President Aliyev
Families of our children killed in Karabakh wars will be given apartments - President Aliyev
Eurasia Drilling Company reduces well drilling y-o-y
There was not single deserter in Azerbaijani army - President Aliyev
Surrender of Shusha, Lachin and Kalbajar during Musavat government was great act of betrayal - president
Uzbekinvest eyes expanding volume of insurance, reinsurance services
Baku Higher Oil School honors memory of victims of Khojaly genocide (PHOTO)
SOCAR’s Kulevi terminal details maintenance strategy
President Ilham Aliyev makes Facebook post on Khojaly genocide (PHOTO)
CBI governor expects Expediency Council to approve Palermo bill
Nagorno-Karabakh conflict ended, Azerbaijan resolved this issue - President Aliyev
Perpetrators of Khojaly genocide must be punished - Turkish ambassador
Prices for Azerbaijani oil continue to rise
Azerbaijani currency rates for Feb. 26
New Ambassador of Turkmenistan accredited in Kazakhstan
Apples supplies from Kyrgyzstan to Uzbekistan significantly increase
US Ambassador to Azerbaijan honors those who lost their lives in Khojaly genocide
Child who was saved from Khojaly genocide with help of torch in his hands... – “The light of hope” on AzTV (VIDEO)
All news