NB plans to raise profitability of deposits in tenge

"Dedollarization process is very painful for economy for its negative impact. Kazakhstan is a sovereign country conducting its own economic policy. We have to revive people's trust in tenge through the establishment of various mechanisms. First, profitability of new instruments must be higher, and saving money in tenge must bring more profit. Secondly, I understand those people who buy foreign currency, in order to protect their savings. The share of FX deposits of individuals in Kazakhstani banks makes 80% now," said Akishev. According to him, the National Bank is ready to consider the issue of raising profitability of the deposits in tenge and to adopt an appropriate decision. The Bank waits for exact statistical data for November and preliminary data for December, after which final data on profitability of tenge deposits will be announced. As Akishev stressed, people need to "dedollarize their consciousness". They used to calculate their income in foreign currency, regardless of in what currency they spend money. All prices should be measured in tenge, he stressed.