The volume of deposits increased by 22.7% to 27 trillion tenge in 2021 (+16.1% in 2020). The main growth of deposits occurred due to the growth of retail deposits in tenge by 30.9% to 8,708 billion, while foreign currency retail deposits in dollar terms increased by 7.2% to $10,556 million.
The volume of liquidity withdrawn by the National Bank dropped sharply at the end of the year. In 2021, NBK’s gross liquidity withdrawal decreased by 30.0% and amounted to KZT 3.4 trillion, which was comparable to 16.8% of the banking system’s loan portfolio and 11.3% of the total money supply in the economy. A noticeable reduction in the volume of sterilization of excess liquidity was observed at the end of the year (November -24.6% mom, - 1.3 trillion; December -13.1% mom, - 0.5 trillion tenge). The decrease in the volume of NBK notes by 28.2% yoy (-15.0% mom) to 2.1 trillion tenge had a significant impact on the annual growth in withdrawals.
Source: https://halykfinance.kz/research/banki-kazahstana-v-2021-godu.html?lang=ru
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