Baku, Azerbaijan, Feb. 18
By Elena Kosolapova - Trend:
Kazakh banks are increasing rates on deposits of individuals in national currency, according to the Ranking.kz analytical service.
In February 2016, the maximum effective interest rate on deposits starting from 1,000 tenges (359.23 tenges = $1) increased to 15.2 percent per year in Kazakhstan.
In 2015, the tenge deposit portfolio of the Kazakh population remained at the level of nearly one trillion tenges against the background of the active growth of deposits in foreign currency. At the same time, the rate on tenge deposits was limited to 10 percent in accordance with the recommendations of the Kazakhstan Deposit Insurance Fund.
Since Feb. 1, 2016, Kazakhstan Deposit Insurance Fund has recommended banks to increase the maximum (nominal) rate on newly attracted deposits of individuals from 10 percent to 14 percent. At the same time, it was recommended to reduce the rate on foreign currency deposits from three percent to two percent.
The fund's decision has already led to an increase in interest rates on tenge deposits on the market, according to the analytical service.
Deposits in the Kazakh national currency lost popularity due to depreciation of the tenge rate, which began to decline sharply after the National Bank of Kazakhstan moved to floating exchange rate in August 2015. Over the last six months, the rate of the tenge against the US dollar fell by half.
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