BAKU, Azerbaijan, Jun. 1
By Nargiz Sadikhova - Trend:
Kazakhstan Deposit Insurance Fund (KDIF) has reconsidered maximum recommended rates on tenge denominated deposits for July, 2020, Trend reports with reference to the KDIF.
The rates on savings deposits placed for 12 and 24 months will amount to 12.8 percent and 12.9 percent for deposits with replenishment option and 14.9 percent for deposits without replenishment option.
The rates on time deposits placed for the same period will decrease by 0.1 percent point for deposits with replenishment option and by 0.3 percent point for those without replenishment option.
“The maximum recommended rates for time and savings deposits for 12 and 24 months are calculated taking into account the weighted average interest rates at which they were attracted,” the fund said.
The fund noted that in accordance with the previous decision on the smooth reduction of interest rates on short-term deposits, KDIF reduces spreads to the base rate by 1 percentage point. Thus, the gap between the current base rate at 9.5 percent and previously approved rates on deposits of individuals is being gradually decreased.
Thus, the maximum rate on non-time deposits in tenge will be set at 10 percent per annum. Rates on time deposits for 3 and 6 months with the right to replenish will amount to 10 percent, on those without the right to replenish it will be 10.5 percent. Rates on savings deposits for similar periods will amount to 11 percent with replenishment and 11.5 percent without replenishment right.
---
Follow the author on twitter: @nargiz_sadikh