According to the Agency for Regulation and Development of the Financial Market, the volume of tenge deposits increased by 1.6% (or 458 billion tenge) in September, reaching 28.9 trillion tenge. Foreign currency deposits also saw a rise of 0.9%, totaling 7.9 trillion tenge.
As of October 1, 2024, the level of dollarization of deposits continued to decline to 21.4%, compared to 25% in September 2023.
The volume of legal entity deposits rose by 2.2% in September, reaching 16.2 trillion tenge, primarily due to an increase in tenge deposits by 2.3%, up to 12.3 trillion tenge. Individual deposits also grew by 0.9%, amounting to 20.6 trillion tenge.
Additionally, the Agency noted changes in interest rates: the weighted average rate on term deposits for legal entities in tenge increased to 13.2% (up from 13.1% in August), while for individuals it decreased from 13.5% to 13.4%.
As of early October 2024, there are 21 second-tier banks operating in Kazakhstan, of which 11 have foreign participation, including 8 subsidiary banks.