Dollarization of deposits reducing in Kazakhstan
Baku, Azerbaijan, Aug. 25
By Elena Kosolapova – Trend:
Dollarization of deposits in Kazakh banks reduced from 70 percent in Jan. 2016 to 58.8 percent in July 2016, Kazakh National Bank reported.
Dollarization of the of individuals’ deposits decreased from 80 to 67.8 percent in this period.
Meanwhile, Kazakhstan’s exchange points’ sales of US dollars in cash exceeded its purchases in July for the first time since Jan. Net purchase (purchases minus sales) of US dollars amounted to $ 284.2 million compared to S1 billion net sale in Feb.- June in total.
The National Bank explains this increase in dollar purchases by population by traditional seasonal increase in demand for foreign currency in the summer holidays period.
Similar dynamics was observed in the summer months of previous years as well. Meanwhile the volume of July demand for dollars was at the lowest level since July 2015, the bank said.
Edited by SI
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