In 2025, Kazakhstan's large depositors partially redirected their funds from bank deposits to alternative financial instruments, reports infohub.kz.
According to the annual report of the Kazakhstan Deposit Insurance Fund (KDIF), the large segment includes depositors with balances exceeding 50 million tenge. Their total deposits grew by 10.2% (about 0.8 trillion tenge) over the year, compared to 24.6% growth in 2024. The share of large depositors in the total retail deposit structure fell by 2.3 percentage points, from 33% to 31.7%.
At the same time, demand for tenge deposits from wealthy clients remained high, with their volume increasing by 19.1%. The KDIF attributes the slowdown in the segment's overall dynamics, in part, to a partial outflow of funds from foreign currency deposits into higher-yielding assets.
The fund notes that large depositors, possessing significant capital, seek to balance safety and profitability, and therefore are more actively diversifying their savings. The KDIF believes this trend does not pose systemic risks, but it may have contributed to the slowdown in the entire retail deposit market.
Meanwhile, de-dollarization of deposits continued. In 2025, the dollarization level of the retail deposit market fell by 2.8 percentage points to a historic low of 21.9%. In the large segment, the share of foreign currency deposits dropped below 50% for the first time, reaching 43.1%. For comparison, in 2015, nearly 80% of retail deposits in Kazakhstan were held in foreign currency.
Overall, retail deposits grew by 14.7% in 2025, reaching 28.2 trillion tenge. Tenge deposits increased by 18.9% (to 22 trillion tenge), while foreign currency deposits rose only 1.8% (to 6.2 trillion tenge).
In July, Kazakh citizens continued to actively replenish bank deposits. According to the National Bank, retail deposits increased by 364 billion tenge in a month, to 28 trillion tenge, and by 2.2 trillion tenge since the beginning of the year. The entire July increase came from tenge deposits, which grew by 459 billion tenge, while foreign currency deposits decreased by 94 billion tenge, to 4.4 trillion tenge.
At the same time, banks began to lower rates on some deposits after two cuts in the National Bank's base rate. In August, Halyk Bank, Kaspi Bank, Home Credit Bank, Eurasian Bank, and Freedom Bank revised their terms. For example, the effective interest rate on Kaspi's savings deposit fell to 19%, and on Eurasian Bank's three-month TURBO deposit to about 19.2%. However, not all products were affected: rates on some long-term deposits were actually increased.