Individual retail deposit amount guaranteed by the state reaffirmed for 2012

The individual retail deposit amount guaranteed by the state will remain at KZT 5 million ($33 783) in 2012, Newskaz.ru reported January 6, citing the Deposit Guarantee Fund. Kazakhstan had reinforced its deposit insurance scheme by increasing the individual retail deposit amount guaranteed by the state to KZT 5 million ($34.2 thousand back then) from KZT 700 thousand ($4.7 thousand) late 2008. This way the Government tried to strengthen the local population’s confidence in Kazakh financial institutions partly undermined by the global financial crisis. This measures means that in case of a bank winding-up the Deposit Guarantee Fund (owned by the National Bank of Kazakhstan) will compensate each individual depositor for the lost savings within KZT 5 million.