Kazakhstan’s deposit base reached a new all-time high of KZT 50.1 trillion in June 2026, underscoring the continued strength of the country’s banking system. Total deposits increased by KZT 2.2 trillion, or 4.6% month-on-month, while annual growth accelerated to KZT 8.0 trillion, or 18.9%.
After nearly recovering to December 2025’s record level in May, deposits moved decisively above that peak in June, exceeding it by KZT 2.1 trillion (4.4%). The decline seen in January now appears to have been little more than a seasonal adjustment, with funds returning to the banking system much faster than expected.
▪️Growth was once again driven primarily by tenge deposits.
▫️Tenge-denominated deposits surpassed KZT 40 trillion for the first time, rising KZT 1.9 trillion, or 5.0% month-on-month.
▫️Foreign currency deposits also increased, adding KZT 323 billion, or 3.4%, to reach KZT 9.9 trillion.
As a result, nearly 80% of Kazakhstan’s deposit base is now held in tenge, highlighting the continued appeal of the national currency in an environment of elevated interest rates.
▪️Businesses accounted for the largest increase in deposits.
▫️Deposits held by non-bank legal entities rose by KZT 1.4 trillion, or 6.7% month-on-month, reaching KZT 22.1 trillion.
▫️Household deposits increased by KZT 829 billion, or 3.0%, to KZT 28.0 trillion.
This pattern is consistent with typical end-of-half-year dynamics, when corporate revenues and temporarily unused liquidity accumulate in bank accounts before being deployed for settlements and other payments.
▪️Within the tenge segment, growth was broadly balanced.
Business deposits increased by KZT 967 billion, while household deposits expanded by KZT 934 billion.
This suggests June’s strong performance was not driven by a handful of large transactions but by broad-based inflows from both companies and households.
▪️Foreign currency deposit trends diverged between businesses and households.
Corporate foreign currency balances climbed KZT 429 billion, or 8.6% month-on-month, while household foreign currency deposits declined by KZT 106 billion, or 2.3%.
Households continue to favor the higher returns available on tenge deposits, while businesses likely increased foreign currency liquidity to finance external trade and meet contractual obligations.
▪️The composition of deposits also sheds light on June’s surge.
▫️Other tenge deposits increased by KZT 1.6 trillion, or 4.9%, while transferable deposits rose by KZT 348 billion, or 5.0%.
▫️In contrast, all growth in foreign currency deposits came from transferable accounts, which jumped KZT 440 billion, or 17.0%, while other foreign currency deposits declined.
This suggests the increase in foreign currency balances reflected short-term corporate liquidity needs rather than a shift toward long-term foreign currency savings.
June’s data confirms that high interest rates continue to keep money inside Kazakhstan’s financial system. From an inflation perspective, this is largely encouraging. Households are increasingly concentrating their savings in tenge deposits instead of directing them toward current consumption. At the same time, part of the sharp increase in corporate deposits is likely temporary and could flow back into the economy once half-year settlements are completed.
This article was translated with the assistance of artificial intelligence.
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