Kazakh large deposits shift from dollar to tenge, dollarization falls to 38.5%

September 10, 2026 at 12:13 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

The share of foreign-currency deposits above 50 million tenge in Kazakhstan fell from 71.1% at end-2019 to 38.5% by June 2026, according to the National Bank's monetary policy report. Overall dollarization of household deposits more than halved to 22.3% over the same period. The shift toward tenge savings is broad-based across all deposit size categories.

Key Facts

Foreign-currency deposits above 50 million tenge fell from 71.1% at end-2019 to 38.5% by June 2026.
Overall dollarization of household deposits dropped from 45.8% to 22.3% over the same period.
The share of term and savings deposits rose from 8.4% to 31.3%.
The number of tenge deposits in the medium and large deposit segment increased 6.3 times.

Large Deposits Shift

The National Bank's monetary policy report shows a steady decline in foreign-currency preference among large depositors. At end-2019, 71.1% of deposits above 50 million tenge were held in foreign currency; by June 2026 the share was 38.5%. The decline was sequential: 66.2% in 2022, 53.6% in 2023, 47.3% in 2024, 44.7% in 2025, and 38.5% in June 2026.

Broad-Based De-dollarization

Overall dollarization of household deposits fell from 45.8% to 22.3%. For deposits under 10 million tenge, the foreign-currency share dropped from 25.7% to 12.1%. In the 10–50 million tenge category, it fell from 43.2% to 15.1%. The share of term and savings deposits rose from 8.4% to 31.3%, and the number of tenge deposits in the medium and large segment increased 6.3 times.