BAKU, Azerbaijan, June 16. Kazakhstan’s deposit market has shown strong year-on-year growth and continued sensitivity to changes in the central bank’s base rate, according to the National Bank of Kazakhstan’s latest outlook, Trend reports.
As of the end of April 2025, total deposits held in deposit-taking institutions increased by 20.5% compared to the previous year. This expansion was primarily driven by deposits in the national currency, the tenge, which rose by 19.9% year-on-year. The bank attributed this to the sustained attractiveness of tenge deposits, supported by a significant interest rate differential between domestic and foreign currency deposits.
Foreign currency deposits also saw a 22.6% annual increase, though this was largely the result of exchange rate revaluation effects rather than a substantial inflow of new funds.
Despite some seasonal moderation, Kazakhstan’s household savings rate has remained near historical highs. The share of the population engaged in active saving rose again in March–April, reversing a downward trend that had begun in November 2024.
The report highlights that the current behavior of the deposit market reflects responsiveness to interest rate signals and supports the effective transmission of monetary policy.
Meanwhile, deposit dollarization remains close to historic lows. In April 2025, the share of foreign currency in total deposits stood at 22.8%, nearly unchanged from 22.7% in January. Dollarization in the corporate sector increased slightly by 0.6 percentage points amid heightened global uncertainty linked to changes in U.S. foreign policy and currency revaluation effects. In contrast, the dollarization of household deposits declined to 20.2% from 20.5% at the start of the year.
Overall, the National Bank’s data points to a resilient deposit market that continues to respond to macroeconomic signals while favoring domestic currency holdings.
