President of Kazakhstan Kasym-Zhomart Tokayev signed a decree on the transfer of assets of the National Fund in gold. According to the Concept of formation and use of the National Fund's resources the portfolio of the Fund will be revised.
"The strategic asset allocation of the savings portfolio is aimed at continuing the policy of asset diversification and implies a transition from a conservative allocation (80% in bonds at 20% in shares) to a balanced distribution (60% of bonds, 30% of shares, up to 5% of alternative instruments and up to 5% of gold), aimed at increasing the long-term expected yield. Part of the gold will be transferred from the gold and foreign currency reserves of the National Bank," the document says.
Previously, the assets of the savings portfolio were distributed in the following proportion: 60% of bonds, 35% of shares and up to 5% of alternative instruments.
The decree comes into effect from the date of its signing, that is, from August 2 of this year. Earlier, the National Fund was offered to replenish it with gold.
By Milan Beinoeva for LS (Kazakhstan).
