Kazakh tenge devaluation increases attractiveness of national currency savings

Photo: Kazakh tenge devaluation increases attractiveness of national currency savings / Kazakhstan

Astana, Kazakhstan, Feb. 14
By Daniyar Mukhtarov - Trend:

Keeping savings in the national currency is more profitable in the short and long term prospects, Chairman of the Kazakh National Bank Kairat Kelimbetov said on Feb. 14.

"The deposits in national currency are more profitable because of their great profitability," he said at a Kazakh government meeting with President Nazarbayev on Feb. 14.

"As of January 1, 2014, rates on individual time deposits in tenge were 8.1 percent, in foreign currency it was 4.5 percent, whereas as of 2012 it was 8.3 percent and 5 1 percent, respectively," he said.

"Inflation, rather than the exchange rate mainly affects the welfare of ordinary people, the purchasing power of salaries, scholarships, pensions and benefits," he added.

Translated by NH
Edited by SM

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