Baku, Azerbaijan, September 10
By Nargiz Sadikhova - Trend:
Kazakhstan Deposit Insurance Fund (KDIF) has increased the marginal rate on non-time deposits following the increase of the base rate, Trend reports with reference to KDIF.
According to the new method of remuneration margin rates assessment, the maximal recommended rate on non-time deposits is dependent on base rate set by the National Bank of Kazakhstan.
On September 9, the National Bank of Kazakhstan has announced the increase of base rate from nine percent to 9.25 percent.
Following the increase of the base rate, KDIF is increasing the maximal recommended rate on non-time deposits from 9.5 percent to 9.8 percent.
The changes have entered into force on September 10; however, the second tier banks have the right to keep the existing rate or change it in the future.
The increase will also cover the time deposits attracted for the period of three months (10.3 percent).
The maximal recommended rates on time deposits for the period from six months and on savings deposits are not changing due to the fact that the are not dependent on change of the base rate. The next change of margin rates is planned in September-October.
(1 USD = 386.51 KZT on September 10)
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