Kazakh residents keep 28 trillion tenge on savings accounts

Kazakhstan’s deposits again renewed the historical record. The total amount of savings exceeded 28 trillion tenge. The volume increased by about 3.3 percent in July. As such, the annual growth overtopped 11 percent. Analysts associate this not only with the revaluation of dollar deposits in terms of tenge, but also with the inflow of money for deposits in the national currency. At the end of July the financial regulator raised the base rate to 14.5 percent. Its increase hinders economic growth, the financial analyst Andrei Chebotaryov states.

“There is practically no credit impulse. What should be the profit margin for  businesses to repay the loan at 20 percent? It’s a pressing issue. To date, our economic growth is driven solely due to preferential loans. We have a huge number of loan programs, such as the 7-20-25 mortgage for population, preferential car loans, Business Road Map and Economy of Simple Things Program for businesses. They all go below the inflation rate and the base rate, that is 4, 6 and 7 percent,” Chebotaryov explained.