Kazakhstan Deposit Guarantee Fund decreased maximum interest rates on bank deposits for individuals starting from July 1.
The system’s mechanism and draft law are being prepared in Kazakhstan: Education Ministry.
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.
A majority of Kazakhstan residents are ready to participate in state educational deposits systems.
It is important to create legal conditions for development of the system of guaranteed educational loans: Nursultan Nazarbayev.
Senim bank, TAIB Kazakhstan, Credit Altyn and Al Hilal, first Islamic bank in Kazakhstan had their licenses suspended for three months.
The state had better take some measures to protect the nation against slump of prices [for commodities that ensure most of the budget revenues]: Labor Ministry.
Starting from 2012 the amount was to be reduced from KZT 5 million ($34.2 thousand) to KZT 1 million ($6.8 thousand).
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.
Kazakhstan youth organizations do not trust educational deposits system and keep collecting signatures against the innovation.
Kazakhstan youth organizations disagree with the Education Ministry's decision to introduce educational deposits.
Educational accounts will let parents save up for their children's education in Kazakhstan. They won't be able to cash out the accounts. The fund will be directly transferred from the bank to the university of choice.
Total deposits grew 3.9% in March, making up $49.5 billion, with 67.8% being deposits of legal entities.