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Deposits of individuals in foreign currency increased by 14% over the year

As of July 1, 2023, individual deposits in foreign currency have reached the equivalent of 5.5 trillion tenge, which is 14% more than a year earlier. Their share in the total volume of individual deposits amounted to more than 30%, according to Ranking.kz.
Deposits of individuals in foreign currency increased by 14% over the year

It should be noted that such a significant share of deposits in foreign currency in STBs of the Republic of Kazakhstan remains despite their relatively low profitability. Let us remind that within the framework of the Kazakhstani legislation, the nterest rates on deposits in foreign currency in domestic banks should not exceed 1% per annum.

The relevance of foreign exchange investments is explained by several factors. Thus, for example, investments in foreign currency avoid loss of value in the event of a significant weakening of the national currency. Along with that, foreign currency investments are one of the tools for diversifying the investment portfolio.

Source: https://ranking.kz/reviews/banking-and-finance/kazahstantsy-vsyo-eschyo-predpochitayut-dollary-vklady-fizicheskih-lits-v-inostrannoy-valyute-vyrosli-za-god-srazu-na-14.html

Photos are from open sources.

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