How Much Savings Make A Kazakhstani Well-Off In Kazakhstan

According to National Bank head Timur Suleimenov, a Kazakhstani with about 10 mln tenge in a bank deposit can be considered well-off, Orda.kz reports.

Speaking on the sidelines of the Mazhilis, Suleimenov said the regulator has no right to give Kazakhstanis personal recommendations on how to save or grow their money. According to him, everyone should make such decisions independently.

At the same time, he gave a conditional example of returns. If someone had placed 10 mln tenge in a deposit a year earlier, then over 12 months they could have earned about 18–20% per annum, or roughly 2 mln tenge in income.

For example, if you had put 10 mln tenge in a deposit at the beginning of last year, or a year ago, then you are a relatively wealthy person, you have savings, you have 10 mln tenge. Over 12 months, you would have earned plus or minus close to 20% on it. In reality, it was 18–19%, but let us say 20% for simplicity. You would have earned 2 mln tenge from it. That is a return of 20%. he said. 

Suleimenov also commented on common assumptions about the National Bank’s hidden influence on the exchange rate. He stressed that no “secret” measures or currency interventions are being carried out, and that all information about the regulator’s actions is published openly.

Original author: Ilya Astakhov

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