Kazakhstan deposits hit 30.6 trillion tenge as tenge savings rise, FX accounts shrink

By the end of September, household deposits in Kazakh banks had nearly reached 30.6 trillion tenge, though the total grew just 0.03% over the month, held back by a decline in foreign-currency deposits, infohub.kz reports.

Deposits remain one of the simplest ways to save and grow money in Kazakhstan. According to the National Bank of the Republic of Kazakhstan, household deposits in Kazakh banks came close to 30.6 trillion tenge at the end of September.

The overall figure edged up only 0.03% from August, with the weak growth driven by a drop in foreign-currency deposits.

Tenge deposits rose 1.64% in September to 25.1 trillion tenge, while foreign-currency deposits fell 6.75% to 5.5 trillion tenge.

Year on year, tenge deposits grew 22.8% while foreign-currency deposits declined 8%. Total household deposits were up 15.9% compared with September 2025.

Tenge deposits accounted for 82.13% of the total (+22.8% year on year), while the dollarization rate (foreign-currency deposits) stood at 17.87% (-8.0% year on year). Tenge holdings totaled 25.10 trillion tenge (82.13% of the total, +22.8% year on year and +1.64% month on month), while foreign-currency holdings came to 5.46 trillion tenge (17.87%, -8.0% year on year and -6.75% month on month). The total was 30.56 trillion tenge (100.00%, +15.9% year on year and +0.03% month on month). The data source is the National Bank of the Republic of Kazakhstan.

Most of the money sits in term deposits — about 24.39 trillion tenge. Savings deposits accounted for 2.67 trillion tenge, while demand deposits and current accounts held 3.49 trillion tenge. A further 7.92 billion tenge was held by households in conditional deposits.

Although many banks are gradually cutting rates on their deposit products, the average market rate on deposits opened in September was 14.9%, according to the National Bank — 0.1 percentage point higher than in August.

The most attractive terms were offered on short-term deposits of 1–3 months, at an average of 17.4% a year. Foreign-currency deposits carried an average market rate of 0.9%. It was previously reported that banks were allowed to raise the maximum rates on foreign-currency deposits to 2.5%, but almost no one offers that level of return.