National currency denominated deposits account for majority of deposits in Kazakh banks

Finance Materials 29 May 2019 11:31 (UTC +04:00)

Baku, Azerbaijan, May 29

By Nargiz Sadikhova - Trend:

At the beginning of 2019, 52.3 percent of the portfolio of retail deposits of Kazakh banks consisted of deposits in tenge, whereas 47.7 percent accounted for deposits denominated in foreign currencies, Trend reports citing ranking.kz

As of 3Q2018, these volumes have been equal (50 percent each), whereas in the beginning of 2018 the foreign currency deposits (52.4 percent) prevailed over tenge denominated deposits (47.6 percent).

In a year, the volume of tenge denominated deposits has increased by 17.2 percent and equaled to 4.6 trillion tenge, whereas the number of accounts amounted to 55.4 million.

In contrast, the volume of foreign currency denominated deposits decreased by three percent and stood at 4.2 trillion tenge with the number of accounts of 3.1 million.

Over 84 percent of tenge denominated deposits accounted for deposits that do not meet the urgency requirements (just under 3.9 trillion tenge). Deposits that meet the urgency requirements accounted for 62.8 billion tenge (1.4 percent), whereas savings deposits accounted for 26.5 billion tenge (0.6 percent).

Some 14 percent (640.6 billion tenge) of the tenge denominated deposits accounted for deposits, the part of the remuneration of which is being subsidized by the government within the housing construction savings and the state education contributory scheme.

Time deposits prevailed in the structure of foreign currency denominated deposits (92 percent of the volume, 3.8 trillion tenge, annual decrease by 4.4 percent).

The volume of conditional deposits decreased by 339.3 percent and equaled to 43.9 billion tenge (one percent in the structure of foreign currency deposits).

In contrast, the volume of card and current accounts increased by 35.7 percent and stood at 268.3 billion tenge. Demand deposits increased by 61.6 percent and amounted to 21.5 billion tenge.

Notwithstanding the fact that the maximum rates of time deposits with replenishment allowance did not exceed 11 percent, their volume amounted to 53.4 billion tenge (85.2 percent of time deposits). Time deposits with no replenishment allowance accounted for 9.3 billion tenge, whereas the maximum rate equaled 12.5 percent.

Over 82 percent of saving deposits accounted for deposits with no replenishment allowance (21.8 billion tenge), the rates of which equal up to 13.5 percent, whereas the volume of saving deposits with replenishment allowance equaled to 17.7 percent (4.7 million tenge); their maximum recommended rate stood at 12 percent.

(1USD = 380.15 KTZ on May 29)


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