BAKU, Azerbaijan, September 28. Kazakhstan will raise the maximum interest rate on certain foreign currency savings deposits from 1% to 2.5% per annum starting October 1, 2026, as part of the gradual liberalization of deposit rate regulation, the Kazakhstan Deposit Insurance Fund (KDIF) said.
The change will apply only to savings deposits with terms exceeding 12 months. The new maximum rate will apply to deposits opened or renewed after October 1, 2026.
“The maximum rates serve as a recommended upper limit for determining interest rates on foreign currency deposits, while banks independently decide on the interest rates offered for their deposit products,” KDIF said
Maximum rates for term deposits, non-term deposits of any maturity, and savings deposits with terms of 12 months or less will remain unchanged at 1%.
The decision follows a decline in the level of dollarization of Kazakhstan’s deposit market from 80% in 2015 to 19.2% as of September 1, 2026, according to KDIF.
The fund said positive macroeconomic conditions and the tenge’s strengthening trend observed for almost a year have enabled the National Bank of Kazakhstan and KDIF to continue reforms in the foreign exchange market and gradually liberalize existing approaches to regulating foreign currency deposit rates.
The maximum amount of KDIF coverage for individuals’ foreign currency deposits remains unchanged at 5 million tenge (about $11,317), including accrued interest.
KDIF guarantees deposits of individuals in each participating bank up to 20 million tenge (about $45,260) for tenge savings deposits, including interest; up to 10 million tenge (about $22,630) for other tenge deposits, including interest, as well as tenge current accounts and payment cards; and up to 5 million tenge (about $11,317) for deposits, cards and accounts in US dollars, euros or other foreign currencies, including interest.
KDIF regulates interest rates on individual deposits to promote competition among banks, prevent the accumulation of systemic risks in the banking sector and support financial stability.
A total of 20 banks currently participate in Kazakhstan’s deposit guarantee system, according to KDIF.
The conversions were made at the exchange rates of $1 = 441.88 tenge
