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KAZAKHSTAN SAW TENGE DEPOSITS PREVAIL OVER FOREIGN CURRENCY DEPOSITS

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by February 24, 2020 General

Last year, the amount of the second tier banks’ deposits equalled 16.4 trillion tenge, 7.1% more than in the year before. The growth was due to a rise in deposits in the national currency by 17.3%, or up to 9.2 trillion tenge, Strategy2050.kz with reference to Ranking.kz reports.

Meanwhile, deposits in foreign currency plummeted by 3.5%, to 7.2 trillion tenge. Deposits in national currency have been prevailing over foreign currency deposits for the third year in a row, having increased to 56% from 51.1% over the previous year.

With 58.7%, tenge deposits significantly prevail in retail deposits, while that for foreign currency deposits is 41.3%. There was a 5.9% increase in deposits of individuals in 2019, which reached 9.1 trillion tenge.

2019 also saw national currency deposits dominated in deposits of legal entities 52.5%, against 47.5% in foreign currency. In general, corporate deposits grew by 8.6% or up to 7.2 trillion tenge over the year.

Almaty had its volume of foreign currency deposits occupying 54.8% in the structure of individuals’ deposits. Nur Sultan was second with 44.1% of the deposits kept in foreign currency. However, the regions favoured national currency, with the biggest share of deposits in national currency found in Turkestan region 84.4%, followed by Northern Kazakhstan (79.8%) and Akmola (78.1%) regions.

As for legal entities’ deposits, the share of funds in foreign currency prevails in 4 regions: Almaty (54.3%) and in the west of Kazakhstan Atyrau (68.2%), Aktobe (53.6%) and Mangystau (53, 2%) regions. The biggest share of corporate deposits in national currency was found in Turkestan (86.7%), Northern Kazakhstan (87.2%), Kostanay (86.6%) and Almaty (85.2%) regions.

Source: Kazakhtan 2050

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