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Pension savings in gold: Deputy supports initiative

Deputy of the Parliament of Kyrgyzstan Balbak Tulobayev supported the initiative of the Social Fund to invest pension savings in gold. He said this at a meeting of the Committee on Agrarian Policy, Water Resources, Ecology and Regional Development of the Parliament of Kyrgyzstan.

According to the deputy, when the initiative was put up for discussion, he spoke out against it on behalf of other deputies, but now he apologizes for his words.

«We allow the Social Fund to invest savings in gold. The money of the fund should not lie idle, they are depreciating every day. Let the Social Fund take gold, give it to the National Bank for storage, and then the precious metal will remain in the country. The time has come back when gold is high-priced. I apologize to the chairman of the Social Fund, I’ve changed my opinion,» Balbak Tulobaev said.

The Social Fund proposes to invest 10 percent of the total assets of the State Accumulative Pension Fund in gold.