Kazakhstan's Ministry of Energy reports that a record amount of money has accumulated in the deposit accounts of Kazakh citizens since the beginning of this year, ranking.kz. has reported.
The total amount of bank deposits has reached KZT 18 trillion ($40 bn), which is KZT1.1 trillion ($2.4 bn) more than at the beginning of the year.
According to analysts, citizens of Kazakhstan most often keep their savings in Kaspi Bank. They have KZT 4.2 trillion ($9.3 bn) in deposits here. In second place is Eurasian Bank, where Kazakh citizens collectively hold KZT 1 trillion ($2.2bn). The third position among the leaders is held by Bank Freedom Finance. Currently, their accounts contain KZT 443.7 bn ($988 mn).
Ranking of second-tier banks in the Republic of Kazakhstan based on the growth of individual deposits since the beginning of the year. July 1, 2023.
"The growth in the volume of deposits in the secaond-tier banks of Kazakhstan indicates that customers see deposits as a reliable tool for preserving and increasing their finances. Currently, the banking sector of the country is represented by 21 second-tier banks, with the main concentration of deposits from individuals being in the largest financial institutions, including the aforementioned banks. The top 5 banks consolidate over 80% of all deposits," analysts believe.
Despite geopolitical complexities, the deposits of individuals in the country's banks are growing in the long term, analysts state. According to their data, over the year, the amount of deposits has increased by KZT 4.3 trillion ($9.5 bn), more than doubled in 5 years, and almost quintupled over the last 10 years.
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