Kazakh Oil Fund earned $900 million on investments last year
15:54, 14 January 2011
ALMATY. January 14. KAZINFORM Kazakhstan's National Oil Fund said sales of Greek, Spanish and Portuguese sovereign bonds helped it to earn about $900 million on its investments last year.
The fund's investment income was earned "largely thanks to a diversified investment policy as well as a timely response to changes in the situation on world financial markets," said Yeszhan Birtanov, deputy director of the central bank's Monetary Operations Department.
"In particular, the bond portfolio benchmark was changed to exclude euro-zone countries whose credit ratings were worsening," Birtanov said today in an e-mailed response to questions. The oil fund is managed by the central bank.
Kazakhstan, which holds about 3 percent of the world's oil reserves according to BP Plc, created the fund in 2000 to guard against declines in the price of crude. Kazinform cites Bloomberg.
See www.bloomberg.com for full version.