Government approves regulations for management of excessive coffers

The regulations determine the mechanism for management and putting of the excessive funds in reliable banks. The Finance Ministry is entitled to manage or offer to the management of a trusted and experienced agency.

The funds have to be put with the central banks of the countries with investment ratings, commercial banks with credit ratings not below AA-(Standard & Poors or Fitch) and Aa3-(Moody's) funds with AAA credit rating (Standard & Poors or Fitch and Moody's) and long-term securities issued by governments, state agencies of countries with investment credit ratings (Standard & Poors or Fitch and Moody's).

Financial institutions and foreign managers can be involved in the management of the funds. The managers should have not less than 5-year positive experience in management of funds and not below investment credit rating (Standard & Poors or Fitch and Moody's) or experience in management of over $1 billion.

The excessive funds can be used to buy precious metals and jewellery, real estate or goods.

The Finance Ministry has to report the Cabinet of Ministers quarterly about the management process. APA-Economics