Chairman of the National Bank Timur Suleimenov explained how those who keep money in dollars lose out. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to the head of the bank, today ordinary citizens keep money in tenge deposits. Those who keep in dollars are wealthy people.
"Of course, they also keep their savings in tenge. But relying on diversification, they decided to keep some in dollars. Some bought dollars at 550 tenge at the time. Then they receive 1 percent income on dollar deposits. While in tenge you can earn up to 25-30 percent," Suleimenov said at a briefing in Astana.
According to him, the volume of dollar deposits has now dropped to the lowest level in the country's history - to 19 percent. "3-4 years ago it was 30-35 percent, 5-6 years ago - 60 percent. So, trust in the tenge is growing every year," the head of the bank said.
It is worth noting that the total volume of deposits opened in tenge is 30 trillion tenge, while in dollars - 5.9 trillion tenge.