Individual retail deposit amount guaranteed by the state to remain intact: Central Bank Chairman

Gregory Marchenko. By Vladimir Dmitriev ©

The individual retail deposit amount guaranteed by the state will remain at KZT 5 million ($34.2 thousand), Chairman of the Kazakhstan’s Central Bank Gregory Marchenko told journalists today, July 5. “We have taken the decision following a number of consultations. Respective amendments into the national legislation will be drafted shortly. I am sure the Parliament will support our suggestion. They have already voiced similar suggestions”, Mr. Marchenko said. 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) 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. Starting from 2012 the amount was to be reduced to KZT 1 million ($6.8 thousand). Mid June Vice Chairman of the National Bank Daniyar Akishev told journalists on the sidelines of a plenary sitting in the Majilis (lower chamber) that the National Bank was in favor of keeping the current parameters not to undermine people’s confidence in the banking system.

The individual retail deposit amount guaranteed by the state will remain at KZT 5 million ($34.2 thousand), Chairman of the Kazakhstan’s Central Bank Gregory Marchenko told journalists today, July 5. “We have taken the decision following a number of consultations. Respective amendments into the national legislation will be drafted shortly. I am sure the Parliament will support our suggestion. They have already voiced similar suggestions”, Mr. Marchenko said. 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) 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. Starting from 2012 the amount was to be reduced to KZT 1 million ($6.8 thousand). Mid June Vice Chairman of the National Bank Daniyar Akishev told journalists on the sidelines of a plenary sitting in the Majilis (lower chamber) that the National Bank was in favor of keeping the current parameters not to undermine people’s confidence in the banking system.

Marchenko Kazakhstan deposits bank