×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Kazakh Oil Fund Rakes In $900M

Kazakhstan’s National Oil Fund said sales of Greek, Spanish and Portuguese sovereign bonds helped it earn about $900 million on its investments last year.

“The bond portfolio benchmark was changed to exclude euro-zone countries whose credit ratings were worsening,” Yeszhan Birtanov, deputy director of the central bank’s monetary operations department, said in an e-mail Friday. The oil fund is managed by the central bank.

Kazakhstan created the fund in 2000 to guard against declines in the price of crude.

Central bank chairman Grigori Marchenko said Nov. 2 that the fund sold its positions in Greek, Spanish and Portuguese sovereign bonds in the first half of 2010 without suffering “particular losses.”

The fund’s assets rose 26 percent to $38.6 billion in 2010, accounts posted on the Finance Ministry’s web site show.

After losing money on investments in the first half of 2010, the fund turned a profit through three quarters as the value of its securities and assets increased, Birtanov said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more