Kazakhstanis save record amount in deposits

Kazakhstani citizens are saving a record amount, with household deposits showing substantial growth. Over the past month, the volume of deposits increased by 2.5 percent, and year-on-year growth reached an impressive 18 percent. These household savings now form the main source of funding for the nation's banking system.

However, this concentration of wealth is not evenly distributed. Out of the 23 banks operating in Kazakhstan, the vast majority of savings, nearly 96 percent, are held by just the top 10 financial institutions. This indicates a significant consolidation within the banking sector.

The trend of citizens entrusting their money to banks is on the rise. The share of deposits held by ordinary citizens has now climbed to nearly 60 percent of the total deposit volume. This marks a considerable increase from just 43.5 percent recorded ten years ago, reflecting growing confidence in the banking system among the populace.

Despite the overall growth, not all institutions are experiencing the same success. Data shows that 17 out of the 23 banks nationwide saw an increase in their deposit volume over the last month. This comes at a time when some banks have begun adjusting their interest rates. In June, 10 Kazakhstani banks lowered the interest rates on their deposit products, a move that could influence future saving behaviors.