Kazakhstan private banking news: interest 14 percent for the next period on deposits


Kazakhstan’s tenge sank the most since the country switched to a free-floating exchange rate as crude oil fell and finance experts said the central bank’s key interest rate is too low to put a floor under the currency’s declines.

The central bank interest rate was too low and the National Bank had to Raise the key interest rate.

Kazakhstan's National Bank has raised its key rate by one percentage point to 17%.as on 1 February 2016.

The bankers adjust the interest rate on deposits in KZT to 14 percent and 14.9 percent for 1 year with the possibility to deposit for 1 year and with some bankers for 2 years.

This opens possibilities for the short term for deposits and also the KZT can fall back to a stronger position in time what is an extra leverage or get weaker.

So maybe Kazakhstan can present some opportunities for investors in 2016 in Euro deposits.

Requirements for the bankers as a non resident foreign investor:

  • IIN or indiviual inregistration number for non residents
  • Translated copy of the passport with notary stamps
  • Solid proof that the money comes from legal operations

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