National Bank succeeds in de-dollarization of bank deposits in Kazakhstan
Baku, Azerbaijan, Jan. 16
By Rashid Shirinov – Trend:
The share of bank deposits in US dollar in Kazakhstan decreased from 70 percent in 2016 to 49.4 percent in 2018, Trend reports referring to the Kazakh media.
"The increasing attractiveness of tenge deposits along with regulatory measures to de-dollarize the economy, led to a significant decrease in the level of dollarization in Kazakhstan. Despite the significant weakening of the national currency, the trend of de-dollarization of population’s deposits continues," the National Bank of Kazakhstan said.
Meanwhile, the corporate segment remains sensitive to exchange rate changes.
"Tenge deposits of legal entities for the first 11 months of 2018 decreased by 10.6 percent, while foreign currency deposits increased by 3.2 percent, excluding revaluation. However, despite exchange rate fluctuations, the trend of de-dollarization of deposits of legal entities prevails over the past three years," said the bank.
National Bank continues to work on de-dollarization of the economy of Kazakhstan.
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