Halyk Bank CEO: Tenge deposit rate must be cut
ALMATY. KAZINFORM Chairperson of JSC Halyk Bank of Kazakhstan Umut Shayakhmetova says that tenge deposit rate should be reduced.
“As far as we know from the Deposit Guarantee Fund of Kazakhstan, the issue of cutting the rate of individuals’ tenge is not discussed. But, in our opinion, the rate must be cut,” U.Shayakhmetova said at a press conference in Almaty on Tuesday.
For some small banks the existing rate is too high. High rate is a good tool for attracting individuals’ deposits, though the risks are high.
“For this reason, we believe that tenge deposit rate must be cut,” she added.
Earlier, the Deposit Guarantee Fund of Kazakhstan informed that beginning from January 1, 2017, the maximum rates of return on newly attracted tenge deposits of individuals will be retained at the previous level: 14% per annum on tenge deposit and 2% per annum – on the foreign-currency deposits