BAKU, Azerbaijan, May 4
By Tamilla Mammadova - Trend:
The amount of funds of the Pension Fund of Georgia reached 507 million lari ($158.4 million) as of December 31, 2019, Trend reports with reference to the annual report of the National Bank of Georgia.
This amount was accumulated on current accounts of commercial banks and the National Bank of Georgia during the year.
At the end of 2019, the volume of assets of the accumulative pension fund amounted to 1.03 percent of GDP. According to the forecasts of the National Bank, by 2029 this figure will increase significantly and amount to 11.5 percent, relative to GDP.
As a result of the pension reform carried out in Georgia in 2018, the Georgian Pension Agency began collecting and managing the contributions of the pension scheme participants from January 1, 2019.
The investment activities of the pension agency are provided by the Investment Council, the composition of which was approved by the Parliament of Georgia on May 11, 2019.
The pension agency began investing in February 2020.
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