Net asset value of Georgian pension fund rated at 2.23 bln GEL
Overall, 1,265,000 people have been registered in the pension scheme as of April 6, with a 318 million GEL ($103mln/€94mln) accrued interest as a result of investment activities. Photo: Nino Alavidze/Agenda.ge
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The net asset value of the pension fund in Georgia equals 2.23 billion GEL ($724mln/€664mln), the Pension Agency of Georgia has said in its March 2022 report.
The report also revealed the fund’s net return from 2019 to March 2022 was 34.6 percent, while the real return (considering inflation) reached 3.15 percent in the same period.
The Agency also revealed it had begun buying the United States Dollar currency, with 4.2 percent of its investment portfolio invested in Dollars as of March 31.
Image: Pension Agency of Georgia
Overall, 1,265,000 people have been registered in the pension scheme as of April 6, with a net return since inception amounting to 318 million GEL ($103mln/€94mln) as a result of investment activities.
A total of 1,698 people have benefited from the accumulative pension system, the Agency added. The system came into effect in Georgia in January 2019 and applies to Georgian citizens, foreign citizens living in Georgia with a permanent residency in the country, and stateless persons who are employed or self-employed and receive an income.
It also applies to employees of both the public and private sectors.
The role of the Pension Fund in the development of the economy, importance of long-term investment sources and legislative initiatives for the Fund were in the focus of a meeting between Georgian Prime Minister Irakli Garibashvili and members of the Pension Fund Investment Board on Tuesday.
Foreign direct investments (FDI) in Georgia totalled $1.152 billion in 2021, which is two times higher compared to the adjusted data of 2020, the National Statistics Office of Georgia (Geostat) reported in its latest data.
The Consumer Price Index in Georgia increased by 2.5 percent in March month-on-month, while the annual inflation rate equalled 11.8 percent, the National Statistics Office of Georgia (Geostat) announced on Monday.
The estimated real Gross Domestic Product (GDP) of Georgia increased by 14.6 percent in February 2022 year-on-year, while the average real GDP grew by 16.3 percent in January-February, the latest data from the National Statistics Office of Georgia (Geostat) shows.
One of the largest investment banks in the world, JP Morgan Chase, has been selected by the Pension Agency of Georgia to launch its investing in international financial markets, the Agency announced on Tuesday.
Georgian Health Minister Zurab Azarashvili on Monday announced the conclusion of a state tender aimed at improving loan terms for pensioners in the country, revealing “significantly improved conditions” for the senior citizens would follow the move.
Georgian citizens’ savings are “not in danger” and the decline in real returns during the current high inflation is a “temporary, short-term phenomenon” that will not lead to a reduction in citizen contributions, the Georgian Pension Agency said on Tuesday.
Individuals’ access to their pension information has been restored across Georgia following a brief unavailability of services earlier on Monday due to a system update, the Pension Agency of Georgia said.
The net asset value of the pension fund of Georgia has been estimated at ₾2.67 billion ($960mln), with the pension agency revealing the figure on Tuesday.
The pension agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.78 billion ($1.03bln) in its latest report, with the update also showing the fund’s net return between 2019 and November 2022 at 38.8 percent ($145mln).