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Maximum interest rates on deposits cut in Kazakhstan on July 1

02 июля 2012, 15:20
Photo by Yaroslav Radlovskiy©
Photo by Yaroslav Radlovskiy©
Kazakhstan Deposit Guarantee Fund decreased maximum interest rates on bank deposits for individuals starting from July 1, 2012, Interfax-Kazakhstan reports citing the Fund's press-service.

"According to the decree of the Fund's Board dated April 12, 2012 the maximum interest rates recommended for Kazakhstan's second-tier banks for new deposits for individuals will make 9 percent for deposits in tenge and 6 percent for deposits in foreign currencies starting from July 1, 2012," the Fund's message states.

The Board reviews the maximum interest rates twice a year and in cases of sharp fluctuations of the "deposit market environment". The previous interest rates on bank deposits for individuals set by the Fund on April 1, 2010, were 10 percent per annum for tenge deposits and 7 percent per annum for foreign currency deposits.

Gregory Marchenko, Governor of the National Bank, earlier mentioned reduction of the refinancing rate to 6 percent per annum. He noted that the interests on deposits and loans were also going down but slowly. "When the refinancing rate of the central banks goes up, the banks increase them straight away. When the refinancing rate goes down, the banks decrease them with a certain lag. The same happens in the U.S. and in Europe. Our lag is probably a little longer. But in general, the trend of the last three years clearly shows that the rates are going down, both for deposits and loans," he said.

Kazakhstan Deposit Guarantee Fund was established in 1999 for protection of depositors' interests in case of a liquidation of a bank participating in the deposit guarantee system, as well as to support sustainability in the banking sector. In case of the liquidation of one of the bank, the Fund pays depositors the guaranteed remuneration on the remaining deposit net of interest rate.

The maximum size of the deposit guaranteed for individuals in Kazakhstan's second-tier banks was raised from 700 thousand to 5 million tenge ($5 to $34 thousand) in 2008.

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