THE Insurance and Pensions Commission (Ipec) says foreign currency-denominated assets are cushioning the industry from loss of value in the face of rampant inflation.
Month-on-month inflation was reported at 74,5 percent in June, after gaining 58,8 percentage points on May’s rate.
Annual inflation hit three digits to 175,8 percent from 86,5 percent recorded in the previous month.
In a pensions industry report for the quarter ended March 31, 2023, the regulator said foreign currency-denominated assets during the reporting period amounted to US$257 million, constituting 12 percent of industry total assets.
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Industry Foreign Currency Assets (Sources: Pensions Industry Report)
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