Dollarization of deposits in Kazakhstan continues to say no, the National Bank of Kazakhstan (NBK) advised Trend.
According to the supply on the NBK, by the top of 2022, this indicator decreased to 31.6 p.c from its peak of 38.4 p.c in February 2022. In April 2023, the share of international forex deposits reached its lowest degree in over 15 years, standing at 29.3 p.c.
The National Bank carried out measures to make sure monetary and value stability all through 2022, together with elevating the bottom fee
from 9.75 p.c in January to 16.75 p.c in December. During the primary half of 2023, the bottom fee remained on the similar degree, aiming to decelerate value development within the medium time period.
“The improve within the base fee was accompanied by a set of measures to make sure stability within the monetary market. The most beneficial charges of the Kazakhstan Deposit Guarantee Fund for deposits of people had been raised, and the utmost deposit assure quantity for financial savings deposits in tenge was elevated from 15 million tenge ($33,716) to twenty million tenge ($45,000) on the starting of 2022,” the supply stated.
Additionally, because the financial institution famous, a Program for the Protection of Tenge Deposits was carried out collectively with the Government, providing a 10-percent compensation (premium) for deposits of people within the nationwide forex. These measures stabilized the financial institution’s funding base, and by December 2022, the amount of deposits reached a historic excessive of 30.9 trillion tenge ($69.5 billion).
“The geopolitical state of affairs and unfavorable circumstances within the world monetary markets contributed to elevated volatility within the nationwide forex. Nevertheless, on account of the talked about measures, the alternate fee of the tenge in opposition to the US greenback, which reached a report weakening at 512.17 tenge in March, strengthened to 414.79 in May 2022,” the supply added.
The enchancment within the balanced forex market was achieved by means of additional growth of market ideas in forex buying and selling, in addition to excessive power costs. Overall, the measures taken by the National Bank contributed to macroeconomic stabilization within the nation and had a constructive affect on the monetary sector, the NBK concluded.
Source : BUSINESSLEND
