ALMATY Jan 30 Kazakhstan's sovereign wealth
fund will cut the share of its deposits held in foreign banks to
10 percent in two years, from 24 percent now, and will invest
the cash at home, a deputy head of the fund said on Wednesday.
State-run Samruk-Kazyna is Kazakhstan's largest
holding with investments totalling over $80 billion in local
companies ranging from natural resources firms and airlines to
railway companies and banks.
Yelena Bakhmutova said the cut in the fund's deposits held
in foreign banks or their subsidiaries was part of a general
strategy of diversifying assets.
Companies receiving investments should start spending them
on their development, she added.
"We believe that with time the volume of reserves ...
deposited in banks will fall," Bakhmutova told journalists,
referring to the banking system in general. "Money will be
mobilised to implement investment projects."
The total volume of reserves the fund holds in Kazakh banks,
foreign banks, the central bank and banks with foreign-owned
shares amounted to 2.885 trillion tenge ($19.1 billion) as of
Jan. 1, 2013, official data show.
A total of 378 billion tenge of this amount is held in
foreign banks and a further 302 billion in banks with
Companies in which Samruk-Kazyna owns stakes boosted their
combined net profit to 686.7 billion tenge last year from 629.9
billion in 2011.
$1 = 150.82 tenge
(Reporting by Mariya Gordeyeva; Writing by Dmitry Solovyov;
Editing by Mark Potter)