Kazakhstan began the first stage of foreign-currency deposit liberalization on October 1. However, the new 2.5% ceiling applies only to savings deposits with terms longer than 12 months. To qualify, a deposit must have been opened or renewed after October 1. The Kazakhstan Deposit Insurance Fund announced these conditions.
For other deposit categories, the ceiling remains at 1%. This figure is a recommended upper limit, not a guaranteed return. In practice, each bank decides what rate to offer.
Which deposits qualify for the new ceiling
The applicable ceiling depends on the deposit type and term. Savings deposits in foreign currency with terms longer than 12 months may carry a limit of 2.5%.
By contrast, savings deposits of up to 12 months remain subject to a 1% ceiling. Fixed-term and non-term deposits also retain the 1% limit, regardless of term. Under the new rules, the higher ceiling applies only to contracts opened or renewed after October 1.
Why a bank may offer less than 2.5%
Banks do not have to offer the maximum rate. Instead, each bank assesses whether it needs additional foreign-currency funding. If that need is limited, its deposit offers may stay below the ceiling.
As a result, actual offers will show how the change affects customers. Before opening an account, check whether the product qualifies as a savings deposit. Also, review its term and early withdrawal conditions.
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What to check before opening a deposit
Savings deposits may restrict access to funds. Therefore, the interest rate is only one part of the comparison. Check whether you can add funds, how the bank pays interest and what happens if you withdraw early.
Another factor is the deposit guarantee. The KDIF covers eligible foreign-currency deposits of individuals up to the equivalent of KZT 5 million per depositor at each bank. This limit includes accrued interest. For details, see the Fund’s notice on the new limits.
How to compare a dollar deposit with a tenge deposit
A dollar deposit’s return in tenge depends on more than its interest rate. Changes in the USD/KZT exchange rate during the deposit term also affect the result. For this reason, the choice depends on the savings goal and the depositor’s view of currency risk.
According to the KDIF, deposit dollarization fell from 80% in 2015 to 19.2% as of September 1, 2026. The Fund links the start of liberalization to that trend and to the tenge’s appreciation. Still, these figures provide context rather than a forecast of future exchange rates or deposit rates.
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What the first stage of reform will show
Banks can now offer higher rates on eligible long-term foreign-currency savings deposits. However, the outcome depends on their demand for foreign-currency funding. If banks compete for long-term dollar deposits, their offers will reflect that demand.
If rates stay below the new ceiling, the regulatory change alone has not been enough to intensify competition. Depositors should compare each offer with the full contract terms.
For more context, read EconomyKZ’s analysis of deposit growth in June 2026.
Ruslan Sultanov, economist, President of the “PharmMedIndustry Kazakhstan” Association, specifically for www.economyKZ.org
