A new banking law in Kazakhstan has taken effect, speeding up payouts to depositors of troubled banks. The maximum period for compensation from the Kazakhstan Deposit Guarantee Fund (KFGD) has been reduced from 35 to 20 business days, reports infohub.kz.
The fund noted that the changes are enshrined in the new banking legislation and are aimed at strengthening depositor protection. In practice, payouts have often begun much earlier than the previous deadlines. For instance, after licenses were revoked for Tengri Bank, AsiaCredit Bank, and Capital Bank Kazakhstan, depositors were able to file for compensation within 6–8 business days. The total amount paid out for these three banks exceeded 38 billion tenge.
The KFGD said it intends to further reduce the time for starting payouts. To that end, a sufficient financial base has been established: the fund's special reserve exceeds 1.7 trillion tenge, above the legally mandated target level.
Earlier, the Kazakh government approved a comprehensive plan to boost household incomes for 2026-2029. One key item in the document is new obligations for businesses that receive state support.