Kazakhstan to liberalize foreign-currency deposit rates from October

September 23, 2026 at 09:09 AM2 min

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The National Bank of Kazakhstan plans to phase in liberalization of foreign-currency deposit rates starting October 2026, Deputy Governor Aliya Moldabekova said. The current cap on foreign-currency deposit rates is 1% per annum. Financial market experts do not expect a sharp rise in rates, citing high dollar funding costs and weak lending demand.

Key Facts

The National Bank of Kazakhstan will begin phased liberalization of foreign-currency deposit rates in October 2026.
The current maximum rate on foreign-currency deposits in Kazakhstan is capped at 1% per annum.
Deputy Governor Aliya Moldabekova linked the reform to positive macroeconomic conditions and a nearly year-long trend of tenge appreciation.
Ramazan Dosov, chief analyst at the Association of Financiers of Kazakhstan, said banks face 15% minimum reserve requirements on dollar liabilities and limited demand for dollar loans.
Financial analyst Andrei Chebotaryov said the choice between dollar and tenge deposits will depend on the depositor's goals and time horizon.

Policy Announcement

Deputy Governor Aliya Moldabekova said the National Bank will proceed with reforms on the currency market and begin phased liberalization of foreign-currency deposit rates. The changes are planned to be introduced from October 2026. The current maximum rate on foreign-currency deposits is limited to 1% per annum. Moldabekova cited positive macroeconomic conditions and a nearly year-long trend of tenge appreciation as enabling factors.

Expert Assessment

Financial market experts do not forecast a sharp increase in interest rates on foreign-currency deposits. Ramazan Dosov, chief analyst at the Association of Financiers of Kazakhstan, said the dollar is very expensive for banks to attract, with minimum reserve requirements of 15%. Dosov added that demand for dollar loans is low, so rates are unlikely to rise significantly. Experts also said the National Bank will act cautiously to avoid making dollar deposits so attractive that Kazakhstanis shift their savings into them.

Depositor Considerations

Financial analyst Andrei Chebotaryov said the choice between dollar and tenge deposits will depend primarily on the depositor's goals. Chebotaryov gave the example of a person who sold an apartment and needs the money in six months for new housing, saying there is no point in moving such short-term funds into a foreign-currency deposit. For long-term goals such as children's education, Chebotaryov said it makes sense to keep most of the funds in foreign currency because the tenge can surprise over long horizons. Experts said excessively high yields on dollar deposits could reduce the attractiveness of tenge deposits and undermine dedollarization efforts.