It is Proposed to Allow Pension Fund Managers to Also Manage Specialized Funds
A draft law is being discussed in the National Assembly that would allow pension fund managers to also manage specialized funds.
Deputy Governor of the Central Bank, Armen Nurbekyan, considers it necessary to expand the opportunities of pension funds, as the pension system has shown significant growth over its first 10 years of operation.
According to the Central Bank’s president, this draft addresses several key issues. First, it eliminates paper-based communication between state funds and participants by making the entire notification system electronic. Additionally, it proposes allowing pension fund managers to manage more specialized investment funds. Previously, such permission was not granted, as the primary goal was for them to focus on managing Armenia’s pension funds.
Nurbekyan added that the potential of fund managers should be used more efficiently by allowing them to register and manage other specialized funds. This would have significant importance for the development of the capital market.
He also discussed the funds invested in Armenia, noting that just over 65% of these funds are invested in government bonds, meaning investments are made in the state. About 70% of the remaining funds are deposits in banks, with the rest invested in corporate bonds.