Kazakh Citizens Save $58.2 Billion on Deposit Accounts

NUR-SULTAN – Kazakhstan’s deposit market increased by 3.3 percent over a month in July with total citizen deposits topping 28 trillion tenge (US$58.2 billion), according to National Bank data.

Citizens’ savings exceed 28 trillion tenge (US$58.2 billion) in July. Photo credit: icicibank.com

According to Andrey Chebotaryov, a financial analyst, growth in savings accounts is due to both the revaluation of dollar deposits in terms of tenge and the inflow of cash in the national currency.

“There is no credit impulse. To date, preferential loans have been the sole source of the country’s economic growth. We offer a wide range of loan programs, including the 7-20-25 mortgage for the general population, preferential auto loans, the Business Road Map, and the Economy of Simple Things Program for businesses. They all fall below the inflation and base rates of 4, 6 and 7 percent respectively,” Chebotaryov said.

In July, the National Bank raised the base rate to 14.5 percent. Kazakhstan Deposit Insurance Fund (KDIF) also increased the recommended deposit rates for August to 16 percent. They were left unchanged for September.

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