National Bank of Kazakhstan and government implement program for protection of tenge deposits

The Government of Kazakhstan and the National Bank are implementing the Tenge Deposit Protection Program. It provides for the accrual of compensation on deposits of individuals at the expense of the budget. The joint statement was published on the website of the Prime Minister of the country. This decision was made against the backdrop of increased geopolitical risks and volatility in the financial markets to ensure the stability and attractiveness of tenge deposits. Kazakh residents’ deposits in national currency opened in one or several second-tier banks - participants of the deposit guarantee system and Otbasy Bank are allowed to participate in the program. A prerequisite for the compensation is to keep the deposit for at least a year from the moment the mechanism was introduced. To participate in the program, Kazakh citizens will need to apply to the banks where their deposits are placed.

Translation by Aruzhan Bizhigitova

Editing by Galiya Khassenkhanova