Kazakhstanis accumulate record amount in bank deposits

Kazakhstanis have achieved a new milestone by accumulating a record amount in bank deposits, exceeding 30 trillion tenge by the end of the second quarter of 2026. This figure represents a substantial increase, with savings growing by 1.9 trillion tenge, or 7 percent, in just the last three months. Over the past year, the total savings have surged by 4.6 trillion tenge, marking an 18.3 percent rise.

A significant trend observed is the dominance of tenge-denominated deposits, which accounted for 96 percent of the quarterly growth. This marks the largest absolute increase in tenge deposits ever recorded, a development the Kazakhstan Deposit Insurance Fund (KDIF) attributes partly to high interest rates, with banks offering annual returns of 20–20.5 percent on some deposits during the quarter.

Furthermore, a record low was set as the share of foreign-currency deposits dropped below 20 percent for the first time, standing at 19.8 percent at the end of the second quarter. This contrasts sharply with 2015, when foreign-currency deposits constituted as much as 80 percent of household savings. The amount held in foreign-currency deposits remained largely unchanged during the second quarter, with minimal growth primarily due to exchange-rate fluctuations.

The KDIF categorizes depositors into mass, middle, and large segments. The mass segment (accounts up to 15 million tenge) still holds the largest share of funds at 49.3 percent of all household deposits, and 55.6 percent of tenge-denominated deposits. The middle segment (15 million to 50 million tenge) is gradually growing, now accounting for 19.2 percent of all funds. Interest in term deposits has also surged, increasing fivefold from December 1, 2025, to July 1, 2026. Despite a projected decline in deposit yields following a reduction in the base rate, the KDIF anticipates that the overall volume of deposits will not decrease sharply.