Georgian citizens’ savings are “not in danger” and the decline in real returns during the current high inflation is a “temporary, short-term phenomenon” that will not lead to a reduction in citizen contributions, according to the statement published by the Georgian Pension Agency.
Made in response to recent media reports over the issue, the statement noted the high rate of inflation in the country posed a challenge to savings, and resulted in a reduction in real returns, but highlighted it only impacted accrued real interest payment and not contributions themselves.
"One of the main tasks of the Agency's investment activities is to generate positive real interest payments and returns above the minimum inflation rate”, the Agency said in its statement, noting the profitability of its investment portfolio had continued to grow at a time when prices of almost all asset classes globally had “fallen sharply”.
Currency diversification of the Agency’s portfolio, its purchase of global stocks, investments in refinancing rates and in instruments with high, long-term fixed interest rates on the market were also pointed out in the statement.
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