The Social Fund of Kyrgyzstan proposes to invest pension savings in gold. Its head Bakhtiyar Aliev announced at a meeting of the parliamentary committee on social policy.
The deputies consider a draft law on amending the laws on the Social Fund, on investing funds to finance the funded component of the pension under the state social insurance in the Kyrgyz Republic.
According to Bakhtiyar Aliev, with the adoption of the document, the relevant department will expand the possibility of use of financial instruments.
«We need to introduce this tool. If we get the opportunity to carry out transactions for the purchase of gold, then we will need to sell it for a certain currency on the stock exchange. We want to introduce this practice and look at the results,» the official said.
He added that the price of gold has increased 6.5 times over the past 23 years, and noted that by investing savings in the precious metal, the Social Fund does not put citizens’ money at risk. To date, there are 35 billion soms in the accumulative fund of the Social Fund of the Kyrgyz Republic.
This bill was submitted for public discussion in June 2022.
