High Rates Win Over Consumption As Kazakhstanis Bring More Money To Banks
Illustration: elements.envato.com
The volume of individual deposits in Kazakhstani banks increased by 396 billion tenge in April and reached 28.6 trillion tenge, Orda.kz reports.
According to Finprom, citing National Bank data, household deposits increased by 1.4% over the month and by 15.5% over the year. Kaspi Bank, Bank CenterCredit, and Halyk Bank received the largest inflow of funds.
Over the month, the volume of deposits at Kaspi Bank increased by 162 billion tenge and reached 7.1 trillion tenge. Bank CenterCredit was in second place, with an increase of 100 billion tenge, while Halyk Bank ranked third, attracting another 51 billion tenge in household deposits.
In annual terms, the leaders are almost the same. Kaspi Bank attracted the most over the year — 1.2 trillion tenge. Otbasy Bank was in second place, with an increase of 724.7 billion tenge, followed by Halyk Bank with 663.9 billion tenge.
Finprom explains the growth in deposits by increased confidence in the banking system, the convenience of mobile applications, and attractive deposit rates.
However, the growth in savings has another side. While banks are recording an inflow of money, Kazakhstanis are becoming increasingly cautious about spending. Almost 29 trillion tenge is now held in deposits. This money is not working through consumption and is not going into new small and medium-sized business projects.
Original author: Alexander Zhdanov
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