Kazakhstan Deposit Insurance Fund reconsiders its recommended interest rates

Finance Materials 10 March 2020 14:49 (UTC +04:00)
Kazakhstan Deposit Insurance Fund reconsiders its recommended interest rates

BAKU, Azerbaijan, March 10

By Nargiz Sadikhova - Trend:

Kazakhstan Deposit Insurance Fund has reconsidered maximum recommended interest rates on tenge denominated deposits for March and April 2020 due to the base rate increase, Trend reports with reference to the National Bank of Kazakhstan.

Starting from March 10, 2020 the base rate of Kazakhstan’s National bank is annual 12 percent.

Based on the methodology for determining and establishing maximum interest rate for newly attracted deposits of physical entities, the recommended rates are a subject for revision and are effective from the day the base rate is announced.

“The changes concern the non-time deposits since they are calculated taking into consideration the base rate of the National Bank. The rate has been increased from 9.8 percent to 12.5 percent,” the report said.

Rates for time deposits of three and six months, as well as for savings deposits for three months have also increased to 13 percent.

“The maximal recommended rates for savings deposits of six months are not changing as the market rate for this deposit type is higher than the increased base rate. Maximal recommended rate for time and savings deposits for over 12 months also do not change as they are not dependent on the change of the base rate,” the report said.


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