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Senator asking Central Bank Governor to raise interest rate on tenge-denominated deposits

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Senator Svetlana DzhalmagambetovSenator Svetlana DzhalmagambetovSenator Svetlana Dzhalmagambetova has suggested The National Bank raise the interest rate on tenge-denominated deposits to 13-14% in the wake of the 20% currency devaluation, reports.

“According to the National Bank, $11.7 billion in individual deposits is kept with Kazakhstan-based banks; it would be natural to support the individuals who have lost 1/5 of their savings [due to the devaluation] by offering them an APR of 13-14%. The current interest rate is being eaten by the inflation rate”, she said when reading her request forwarded to Kairat Kelimbetov, Central Bank Governor.

She highlighted that when asked about possible devaluation, he had repeatedly misled the population, refuting any such scenarios.

“Through the decision to raise the interest rate you could rehabilitate yourself at least a bit. The people believed you and you ditched them”, the Senator added.

Starting from February 11, 2014 Kazakhstan’s Central Bank decided to stop supporting the tenge exchange rate, decrease currency interventions and stop interference with shaping the tange exchange rate.

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February 20 2014, 11:58

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