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.