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Georgia reveals volume of assets of State Pension Fund

Finance Materials 24 November 2020 11:13 (UTC +04:00)
Georgia reveals volume of assets of State Pension Fund

BAKU, Azerbaijan, Nov. 24

By Tamilla Mammadova – Trend

The assets of the State Pension Fund of Georgia reached 1.1 billion lari ($333.6 million), Trend reports via Georgian media.

This amount represents the pension savings of 1 million citizens.

According to the Pension Agency, an effective interest rate of 11.1 percent per annum is charged on pension assets.

In October, the pension agency approved the investment policy document. The document defines the process of investing pension contributions by the population and establishes specific requirements that a particular financial instrument must meet in order to be able to invest pension savings of citizens in it.

Today, 100 percent of citizens' pension savings are denominated in lari. At the same time, 70.8 percent of the amount is in certificates of deposit of commercial banks in Georgia, and 27.8 percent - in interest accounts.

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