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What currency do people in Kazakhstan trust?

According to Ramazan Dossov, a leading analyst of the Financial Institutions’ Association of Kazakhstan (FIAK), investments in tenge not only prevail in the savings structure but also demonstrate steady gradual growth dynamics.
What currency do people in Kazakhstan trust?

Referring to the National Bank’s data, he clarifies that tenge deposits account for more than 64% of total retail deposits, whereas at the beginning of 2021 this figure was 61.6%. Thus, the share in foreign currency is currently 35.9% against 38.4% as of year beginning.

Dossov reminded that at the end of 2018, the share of tenge deposits of Kazakhstanis became prevalent and amounted to 52.6%, and in 2019 it increased to 58.7%.

The FIAK analyst warns that there is no universal strategy suitable for different investments and target expenses. However, the set of general rules includes the option to have a prevailing share in the “currency of expenses”, timely plan for future expenses in foreign currency, and avoid purchases at the peak of cost.

“According to the April survey among those who have savings (17% of respondents), the absolute majority keep them in deposits - 63%, another 23% - in cash. 64% of depositors prefer tenge, and 36% - foreign currency. Among those who keep their savings in cash, the first place is taken by the national currency - 71%, followed by dollars - 26%, euros - 9%, rubles - 4%,” Dossov summed up.

Source: https://lsm.kz/valyuta-invest

Photos are from open sources.

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