In the second quarter of 2026, foreign currency deposits in Kazakhstan remained virtually unchanged, despite an attractive exchange rate for purchasing foreign currency. Kazakhstanis are in no hurry to keep their savings in dollars, reports infohub.kz.
According to a review by the Kazakhstan Deposit Guarantee Fund (KDGF), the total volume of deposits increased by 1.9 trillion tenge over the quarter, reaching 30 trillion tenge. This growth was driven by slowing inflation and a strengthening tenge. Notably, the entire increase came from deposits in the national currency.
Foreign currency deposits remained almost flat over the three months. Their volume in tenge and dollar terms did not change significantly, increasing by only 77.8 billion tenge. Moreover, 67% of this growth is attributed to currency revaluation, i.e., changes in exchange rates. The net increase in foreign currency deposits was just 25.6 billion tenge.
As a result, the dollarization level dropped to 19.8%, marking a new historical low. The largest share of foreign currency deposits (38.4%) is concentrated in the large segment — deposits exceeding 50 million tenge.
Earlier, the National Bank reported that in July, household deposits grew by 364 billion tenge to 28 trillion, while deposits of non-bank legal entities increased by 402 billion tenge to 22.5 trillion.