Foreign exchange deposits leaderboard sees RBK Bank in top position
In the Republic of Kazakhstan, foreign currency deposits remain a popular tool among individuals and businesses due to their ability to maintain the value of funds amid fluctuations in the tenge exchange rate.
As of July this year, the total portfolio of deposits in banks of Kazakhstan reached 44.11 trillion tenge. This figure includes individual and business deposits, both in tenge and foreign currency. Among the banks, ForteBank stands out with a significant deposit base of KZT 2.87 trillion (~$5.6 billion), although the deposit currency structure is not specified.
However, when it comes to specific data on Bank RBK's performance in foreign currency deposits from individuals, publicly available sources fall short. The search results mainly cover sector-wide data, other banks’ credit ratings, and overall Kazakhstan banking sector performance without mentioning RBK’s foreign currency deposit figures or ranking.
Despite the lack of detailed bank-by-bank data, the total population deposits in foreign currency in banks of Kazakhstan, included in the system of collective insurance, amounted to 5.85 trillion tenge as of July this year. This represents 23.1% of the total individual deposits, which amounted to 25.43 trillion tenge.
Bank RBK, in particular, saw a growth of almost 3% in its total portfolio of individual deposits over the month, reaching 614.3 billion tenge. The bank offers attractive conditions for tenge deposits, providing clients with the flexibility to manage their savings according to their financial goals.
Moreover, Bank RBK was the absolute leader in monthly growth among all banks, with a 9.3 billion tenge increase in foreign currency deposits of the population. This growth, however, was not enough to significantly impact the overall decrease in foreign currency individual deposits, which saw a decrease of 57.4 billion tenge over the month.
Bank RBK's savings deposit product, Safe, provides favorable conditions for placing funds with interest rates ranging from 10% to 17.5% per annum. The bank's commitment to offering competitive interest rates and flexible deposit options suggests a continued focus on attracting and retaining foreign currency deposits from individuals.
In summary, while detailed, bank-by-bank foreign currency retail deposit rankings may require specialized local financial reports or data from Kazakhstan's banking regulator, it is clear that foreign currency deposits continue to play a significant role in Kazakhstan's banking sector. Bank RBK, despite limited publicly available data on its specific performance in this category, shows promise in its growth and commitment to offering attractive deposit options.
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