Kazakhstan's KDIF keeps maximum dollar-denominated retail deposits interest rates at 2% through end-2017
ALMATY. Sept 4 (Interfax) - Kazakhstan's Deposit Guarantee Fund (KDIF) has decided not to change the maximum recommended interest rate of 2% on retail deposits in dollars until the end of this year, KDIF Chairman Bakyt Kogulov said.
"We are not going to revise the recently set rates of 14% for tenge-denominated deposits and 2% for dollar-denominated deposits in the near future. [...] I think that the 2% rate will stay in force through the end of this year," he said.
KDIF lowered the maximum recommended interest rate for foreign currency retail deposits to 1.5% from 2% and kept the interest rate for tenge-denominated deposits at 14% effective July 1, 2017.
Kazakhstan's Deposit Guarantee Fund (KDIF) was organized in 1999 to protect the interests of deposit owners in the event of forced liquidation of a bank participating in the deposit guarantee system and to maintain the banking sector's stability. In the event of the compulsory liquidation of a Kazakh bank, KDIF pays compensation on the principle deposit amount.
