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Maximum recommended rates on deposits increased in Kazakhstan

Finance Materials 16 March 2020 17:45 (UTC +04:00)
Maximum recommended rates on deposits increased in Kazakhstan

BAKU, Azerbaijan, March 16

By Nargiz Sadikhova - Trend:

Kazakhstan Deposit Insurance Fund (KDIF) has increased the maximum recommended interest rates on tenge denominated savings, time and non-time deposits, Trend reports with reference to KDIF.

The report said that the changes enter into force on March 16, 2020.

Thus, the maximum interest rate on savings deposits without replenishment for one year is increased to 15.1 percent, for two years to 15.5 percent.

The maximum recommended rate for non-time deposits increased to 13 percent.

The maximum recommended rates on savings deposits placed for three or six months is 14 percent.

KDIF did not make changes to the maximum recommended rates on time deposits placed for three or six months keeping those announced on March 10. However maximum recommended rates on time deposits placed for a year are now 12.2 percent, and for time deposits placed for two years are now 12.9 percent.

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.

On March 10, 2020 KDIF announced that rates for time deposits of three and six months, as well as for savings deposits for three months have also increased to 13 percent.

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Follow the author on twitter: @nargiz_sadikh

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