Since March, Kazakh investors have purchased $680 million worth of Russian debt
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Kazakh brokerage companies that bought Russian sovereign debt last year conducted transactions worth $1.4 billion, and mostly did so on behalf of clients resident in Kazakhstan and Russia. This is reported by Bloomberg with reference to the data of the Kazakhstan Agency for Regulation and Development of the Financial Market.
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Agreements on operations with ruble bonds of the Ministry of Finance of the Russian Federation (OFZ) from March to the beginning of December were concluded for a total amount of 641.1 billion tenge ($1.4 billion). We are talking about Kazakh brokerage companies that conducted operations for clients’ funds.
In almost half of the cases, brokers provided services to clients from Kazakhstan and the Russian Federation:
- Kazakhstani customers accounted for 48.7% of purchases ($680 million),
- the share of Russians was 41.4% ($580 million).
Among other buyers were residents of the United Arab Emirates and Slovakia.
Read also: The Russian Federation is trying to achieve economic stability thanks to the sale of Chinese yuan
Earlier, the Central Depository of Kazakhstan recorded a hundredfold increase in the volume of registered Eurobonds and OFZ issued by the Ministry of Finance of Russia. This indicates the existence of a “workaround” for investors provided by Kazakhstan after the sanctions left many foreigners unable to get rid of Russian debt.
Kazakhstan’s regulator stated that six brokerage companies were involved in trading Russian debt, using both their own money and client funds. At the same time, the regulator warned that investing in OFZ bonds carries increased risks due to “a high level of volatility on the securities markets, low liquidity, as well as the threat of secondary sanctions related to the geopolitical situation.”
Source: Ministry of Finance
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