BAKU, Azerbaijan, September 5. The measures taken by the National Bank of Kazakhstan have helped to protect tenge assets through boosting tenge deposits and reducing the dollarization of inputs, Governor of the National Bank Galymzhan Pirmatov said at a briefing, Trend reports.
“Since June 2022, there has been an increase in tenge deposits. The total deposit volume reached historical highs of 28.1 trillion tenge ($101.07 billion). Dollarization of deposits decreased from the maximum indicator of the current year of 38.4 percent in February to 35.4 percent at the end of July 2022, and the dollarization of household deposits, excluding large deposits above 50 million tenge ($179,844), dropped to a record low of 15 percent,” said Pirmatov.
In addition, the relevant measures allowed to continue the lending growth. Thus, in July 2022, loans to the economy in annual terms reached 20.4 trillion tenge ($73.37 billion), increasing by 27.1 percent due to public and business lending in tenge, while since the beginning of 2022 the mentioned amount grew by 10.1 percent.
“Since August 2022, the National Bank has started to publish extended statistics on lending to the economy. Given other financial institutions, the overall amount of lending to the economy made up 24.2 trillion tenge ($87.04 billion),” added Pirmatov.