Oil workers increase liquidity in Kazakh banks
Astana, Kazakhstan, Nov.19
By Daniyar Mukhtarov - Trend:
Oil workers of Kazakhstan increased liquidity in the country's banks, said a statement of the analytical service Ranking.kz.
"The volume of corporate deposits in banks of Mangistau and Atyrau districts of Kazakhstan increased by 2.5 times for the year - from 27.4 billion KZT to 68.4 billion KZT ($1/180.87 KZT)," said a statement.
The volume of fixed and conditional deposits of legal entities in banks of Kazakhstan decreased by 6 percent - up to 1.7 trillion KZT for the whole year (September 2013 - September 2014), according to the report. In the metropolitan areas of the country the market for corporate deposits for the year decreased by 9 percent - up to 1.5 trillion KZT.
At the same time, the oil-producing Atyrau and Mangistau districts increased portfolio of corporate deposits by 250 percent. Thus, the share of oil districts on term and conditional deposits of legal entities increased from 1.5 to 4.1 percent. For comparison, the remaining 12 districts of Kazakhstan account for only 7.8 percent of the market, the statement said.
"Placement of funds of the subsoil users in the banking sector is provided by the legislation of Kazakhstan," said the statement. "In particular, during the development of new deposits, the subsoil user is obliged to form a liquidation fund."
In accordance with the legislation of Kazakhstan, the financing of works related to the liquidation or conservation of facility is funded from the liquidation fund. Contributions to the liquidation fund are made by the subsoil user on a special deposit account in any bank in Kazakhstan.
The market of Kazakhstan has 15 second-tier banks (STB), offering conditional deposits for subsoil users. The base rate on the deposits varies from 0.1 to 8.5 percent. The most popular rate is 1 percent. Four second-tier banks did not provide information on remuneration rates. Partial withdrawal of funds on deposit is only possible on the basis of written permission from the competent authority, which is identified by the government of Kazakhstan and coordinated with the authorized state body for the study and use of subsoil resources. Chances to recharge, deposit term, as well as conditions of early termination are discussed individually.