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Dollarization of deposits in Kazakhstan grew against increased currency sales by exchange offices

The national currency weakening by 18% led to total tenge deposit base growth by 7.6% per month and deposit dollarization increase from 41.9% to 46.7%, reports Halyk Finance.
Dollarization of deposits in Kazakhstan grew against increased currency sales by exchange offices

The deposit base of the banking sector for the month has grown by 7.6% to 19.2 trillion tenge mainly due to the revaluation of foreign currency deposits as a result of weakening tenge. Retails deposits increased by 4% month over month (+378.3 billion tenge), and corporate deposits rose by 11.7% MoM (+971.4 billion tenge). Retail deposits in tenge for the month have reduced by 5.1%, while retail US dollar deposits decreased by 1.5% to $ 10.2bn. Corporate tenge deposits for the month increased by 5.3%, and USD corporate deposits grew by 8.9% to $ 10.9 bn.

Dollarization of retail deposits was 47% in March, compared with 42.1% in February (41.3% in December 2019). Dollarization of corporate deposits has increased from 41.7% to 46.5% (44.8% in December 2019). As a result, by the end of March, 46.7% of deposits in depository organizations of the country were denominated in foreign currency (in December 2019 - 43.1%).

The trading volume of US dollars in the foreign exchange market has increased by 64.8% month over month to $3.5 billion, the USD sales by exchange offices have risen 2.6 times to $433.16 million, which is 92% higher than the result of March 2019;

Source: https://halykfinance.kz/research/banki-kazahstana-v-marte-2020-goda.html?lang=ru

Photos are from open sources.

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