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Thursday, December 3rd, 2020

De-dollarization continues in Kazakhstan

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According to information from the National Bank, amount of deposits increased by 0,6% in July 2017, from the beginning of 2017, an increase by 10% is seen, and a decrease more than by 3% of deposits in the foreign currency is seen, as well as in the beginning of the year a decrease by 13,7% has been fixed. As the result, the proportion of deposits in the foreign currency decreased by up to 48,6%.

The amount of deposits in the national currency exceeds the amount of deposits in the foreign currency during the five months. The structure of deposits includes physical persons whose proportion of deposits in the foreign currency decreased by 54,8%, legal persons by 43,4%, D. Akishev said.

In addition, the Head of the National bank told that the amount of new allocated credits for January-July of 2017 increased by 5,2% according to the given period of 2016.

According to him, an increase occurred due to increase of credits in the national currency by 24,8% or by almost 1 trillion tenge and decrease of amounts of the allocated money credits more than by half by 52,5%. As the result, the total amount of credits to economy by the end of July 2017 comprised 12,8 trillion tenge, with an increase by 0,7% from the beginning of the year.

The National Bank had held analysis of banks’ activeness. Out of 15 banks, which takes 90% of all credit market, 9 banks have provided the growth of crediting from the beginning of the year. The other banks are either on the way of finding a model of business development, or searching for resources for its capital increase. As known, in order to provide the financial stability of the bank sector and reconstruction of crediting of the real sector of economy, the National Bank has accepted the Program on increasing of financial stability of the bank sector of the Republic of Kazakhstan, he said.

The program is focused to support capitalization of banks, which will facilitate their financial stability and sustainability against new unfavorable external factors. At the same time, the program will be implemented using the principle of shared responsibility of share-holders and investors in the capitalization of a bank.

Source: Kazakhstan 2050

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