$1.3 billion was withdrawn from Kazakhstan’s banks in deposit run following misleading sms campaign

$1.3 billion was withdrawn from Kazakhstan’s banks in a deposit run following a misleading sms campaign informing its recipients of alleged imminent bankruptcy, a Tengrinews.kz reports, citing the country’s Central Bank Governor Kairat Kelimbetov as saying.

“The net outflow from the entire banking system following the sms campaign made up $1.3 billion; $552.4 million out of the amount has already been returned: the 40% returned within less than 2 months”, Mr. Kelimbetov said.

He emphasized that “the money would keep on returning as it is unsafe to keep money at home (…) as instructed by President Nazarbayev, the National Bank will be carrying out a campaign to raise the public awareness in terms of personal finance”, Mr. Kelimbetov said.

Following the 20% currency devaluation in February that there had been a wave of sms spreading information on allegedly approaching bankruptcy of Allaince, Kaspi and Center Credit. The sms provoked a deposit run in some banks’ outlets. The sms provoked a deposit run in some banks’ outlets.