17 November 2023
In 2022, the Government and the National Bank of Kazakhstan made a joint statement on the launching the Tenge Deposit Protection Program that provides for the payment of compensation (premiums) on individual deposits for 10%. This decision was taken against the background of increased geopolitical risks and volatility in the financial markets.
In accordance with the Government Resolution No. 614 of August 27, 2022 the "Fund оf Problem Loans" JSC (the Fund) is defined as an organization that transfers compensation (premiums) payments on individual deposits placed in the national currency (tenge) to the participating banks.
In pursuance of this Government Resolution, on March 16, 2023, the Fund transferred compensation (premiums) on individual deposits in the amount of 50% of the total sum of compensation (premiums) or 153.3 billion KZT to the participating banks. The funds were received from the Ministry of Finance of Kazakhstan within the limits of funds provided in the republican budget.
The remaining 50% of the total amount of compensation (premiums) were sent to the participating banks by "Kazakhstan Sustainability Fund" JSC under the letter of assignment of the Fund.
In total, according to the Kazakhstan Deposit Guarantee Fund, more than 2.6 million depositors received compensation (premiums) on tenge deposits totaling 306.6 billion tenge.