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 Investments of the funds of the State Employees Pension Fund DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Investments of the funds of the State Employees Pension Fund

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 Investments of the funds of the State Employees Pension Fund Empty Investments of the funds of the State Employees Pension Fund

Post by claud39 Sat Jun 06, 2020 7:15 pm

 Investments of the funds of the State Employees Pension Fund


 Investments of the funds of the State Employees Pension Fund 21288

A few days ago, I was assigned an electronic workshop on the state employees ’pension fund and investing its money. Unfortunately, the information is very scarce about the fund, which led to colleague Bariq Shubbar describing it as the "black box", and he is right about that.

Indeed, the Internet only provides little about the Fund's investments, according to their official website.
With that, I wanted to share with you what I was able to obtain, through some of the minutes of the Fund's Board of Directors' meetings, published within the annual reports, which gives us a preliminary vision about the aspects of the Fund's investments:
- See the results of participation in the Treasury Money Transfer Auction 1/1/2013 to 7/31/2013 and the returns accrued.

- A letter from the Real Estate Bank that can obtain a loan in the amount of 200 billion dollars / at 3% interest and with the guarantee of the Ministry of Finance (the application was rejected).

- The request of the Arab Company for Antibiotic Industries / Arab Company Akai, a loan of 12 billion, and a 7% interest, for a period of 10 years: (Not approved, and inquiries about the value of one share).

- A request from the International Smart Card Company / KCard, regarding investing the funds of the Fund with it: (It was agreed that the purchase should be at the establishment price).

A letter from the Agricultural Cooperative Bank to open a fixed deposit of 10 billion dinars, at a 5.5% interest for a year: (Approved).

- Al-Rasheed Bank General Administration / Fixed Deposit 3 trillion, at an interest rate of 3% for two years: (Approved)
- Renewing a deposit for the Rafidain Bank / main branch
- Creating a deposit in the Rafidain Bank / Haifa branch, and the Agricultural / Main Bank.

- A memo from the advisory team to purchase a cat in Jadriya
- a fixed deposit in the Agricultural Cooperative Bank in the amount of 150 billion dinars
- a contract for the financing of electronic payment cards.
- Iraqi Airways asked for a loan in the amount of 600 billion: to purchase aircraft, and the response of the board of directors was (the company is not serious, and the fund needs money, and it is possible to borrow from banks ... and the fund's investment policies are very conservative and looking for safe havens for the fund's money regardless of Yield).

- Book of the High Commission for Hajj and Umrah to establish an Islamic bank: (The apology was made, and the Council recommended that a feasibility study be presented, and the legal basis for the authority to invest).

Transferring the deposits of the Rafidain Bank and the Rashid (250 billion dinars) to the Central Bank of Iraq to enter into auctions for Treasury Bills and the Central Bank.

- The Ministry of Finance's book about the possibility of investing to establish a checkpoint as a customs office. The Council recommended (the inquiry is whether the Safra port is permanent or not, and is it exploited from the political side, and is there a feasibility study?)

The book of the Industrial Bank to establish a fixed deposit of 75 billion dinars, interest of 2%, 5 years, renewable, (approved by the Council).

- The Council approved the Rafidain Bank offer to open an investment portfolio to finance the pensioners' advances, at an amount of 1 trillion dinars, a 5% interest.

Approval of the Central Bank letter establishing the General Company for the Guarantee of Deposits.
* Academician at the College of Administration and Economics - Al-Mustansiriya University.

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