Georgia’s Pension Agency says fund’s net asset value at $1.1 bln
The Agency revealed the figure on Wednesday, and said the fund’s net assets amounted to 438 million ($162 mln). Photo: Nino Alavidze/Agenda.ge
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The Pension Agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.97 billion ($1.1 bln).
The Agency revealed the figure on Wednesday, and said the fund’s net assets amounted to 438 million ($162 mln).
The pension scheme involves 1 million 361 thousand registered citizens, with 2,969 of them retired since the scheme’s adoption in 2019.
Pension savings withdrawn since the date amount to ₾7,5 million ($2.8 mln), the Agency also noted in its figures.
Galt & Taggart, a Georgian-based investment banking and investment management services, has forecast a 5.2 percent average annual inflation in Georgia this year.
Georgian Deputy Finance Minister Mikheil Dundua on Wednesday announced interest rates on pension-backed loans would see annual reduction, in comments on Government initiatives for pensioners and socially vulnerable citizens.
The upper limit for interest rates on pension-backed loan payments is decreasing across Georgia following a campaign by the Citizens political party.
The gross external debt of Georgia decreased by $127.1 million during the third quarter of 2022 and stood at $22.2 billion as of September 30, the National Bank of Georgia said in its latest update of national debt statistics on Friday.
The database of the Credit Information Bureau, a body providing banks and other financial organisations across Georgia with information about financial and credit circumstances of customers, will expand its database to include information on money remittances from abroad, the National Bank of Georgia said on Wednesday.
The Pension Agency of Georgia on Friday said pension assets in its fund were worth ₾3.66 billion ($1.42bln), while net assets amounted to ₾631 million ($245mln).
Georgia’s Pension Agency will invest savings from the pension system in shares of major international companies including Apple, Google and Toyota, Chief Investment Officer Goga Melikidze revealed on Friday.
Georgian Prime Minister Irakli Garibashvili said pensions for pensioners aged 70 years and older would increase by ₾50 ($18.62) and become ₾415 ($154.58), while for pensioners under 70 it would be raised by ₾20 ($7.45) and reach ₾315 ($117.33).
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday met the members of the Investment Council of the country's Pension Agency to review revisions in the legislation on cumulative pension and investment plans.
The Pension Agency of Georgia on Thursday said it had successfully obtained the ISO 27001 certificate, which confirms the organisation had been audited and their “effective” information security management system has been confirmed to be in accordance with the requirements of international standards.