National Bank works on compensating exchange rate difference for fixed deposits in tenge

"On the instruction of President of Kazakhstan N. Nazarbayev, the National Bank of Kazakhstan jointly with the Kazakhstan Deposit Insurance Fund set a working group on the issue of development of a mechanism on compensating the exchange rate difference for fixed deposits of individuals in tenge," the press service of the Bank informs.

The working group includes representatives of the National Bank, second-tier banks, Association of Financiers of Kazakhstan and the Kazakhstan Deposit Insurance Fund. The compensation will be rendered to the fixed deposits of individuals opened in tenge as of August 18, 2015. The account should total 1 million tenge to be eligible for compensation. The compensation will be rendered on the condition that people are ready to leave their savings on their bank accounts for at least one year.