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Kazakhstan reconsiders recommended rates on term deposits in national currency

Finance Materials 3 September 2020 14:05
Kazakhstan reconsiders recommended rates on term deposits in national currency

BAKU, Azerbaijan, Sept. 3

By Nargiz Sadikhova - Trend:

Kazakhstan Deposit Insurance Fund (KDIF) has reconsidered the maximum recommended rates on tenge denominated deposits for October 2020, Trend reports with reference to KDIF.

Interest rates on most types of deposits remained at the level set for Sept. 2020. The rate on non-term deposits was set to correspond to the base rate of the National Bank and remains at the level of 9 percent per annum.

Market rates were changed only for term deposits and savings deposits without the right of replenishment placed for a period of 24 months. This led to a corresponding revision of the maximum recommended rates.

The rates on time and savings deposits with replenishment placed for 1 and 2 years increase as these types of deposits have become more attractive compared to other types of deposits.

Thus, interest rates on term deposits with replenishment right placed for three and six months will be 9 percent, whereas for those without replenishment right it will be 9.5 percent.

Interest rates on term deposits with replenishment right placed for 12 and 24 months will be 10.7 and 9.3 percent respectively, whereas for those without replenishment right it will be 11.1 and 9.6 percent respectively.

Furthermore, interest rates on savings deposits with replenishment right placed for three and six months will be 10 percent, whereas for those without replenishment right it will be 10.5 percent.

In turn, interest rates on savings deposits with replenishment right placed for 12 and 24 months will be 12.3 and 12 percent respectively, whereas for those without replenishment right it will be 14 and 13.5 percent respectively.

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Follow the author on twitter: @nargiz_sadikh

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