In November, both households and businesses in Kazakhstan reduced their bank deposits. According to the National Bank, the total volume of deposits in the country fell by 0.97%, reaching 45.88 trillion tenge. The net decline amounted to 450.2 billion tenge, DKNews.kz reports.
What’s happening with household deposits
As of December 1, deposits held by individuals decreased by 0.52% − down 139.5 billion tenge to 26.6 trillion tenge.
Notably, net withdrawals were recorded in 14 out of 23 banks, meaning most players on the market felt an outflow of funds.
The smallest decline was seen at Kaspi Bank − just 0.19% (minus 12.3 billion tenge, to 6.6 trillion). The sharpest drop was recorded at the Islamic Zaman Bank − down 82.01% (minus 4.3 billion tenge, to 948 million).
Banks that lost the most household deposits
In absolute terms, the top five banks by net outflow were:
- Halyk Bank − minus 106 billion tenge (−1.41%). Still, the bank holds 7.39 trillion tenge in deposits.
- Bank CenterCredit − minus 23.5 billion tenge (−0.75%), to 3.12 trillion.
- Alatau City Bank − minus 22.7 billion tenge (−2.96%), to 744 billion.
- Eurasian Bank − minus 20.9 billion tenge (−1.83%), to 1.12 trillion.
- Bank RBK − minus 17.2 billion tenge (−2.21%), to 760.5 billion.
Where household deposits are actually growing
Despite the overall downward trend, several banks posted solid inflows:
- Otbasу Bank − +60.4 billion tenge (+2.22%), to 2.78 trillion.
- ForteBank − +17.2 billion tenge (+1.42%), to 1.23 trillion.
- Home Credit Bank − +7.9 billion tenge (+1.43%), to 561.9 billion.
Otbasу Bank’s steady growth reflects strong demand for long-term savings programs.
Business deposits are falling as well
Corporate deposits also declined in November. They dropped by 310.7 billion tenge (−1.59%), down to 19.28 trillion tenge.
Banks that saw corporate inflows
The leaders in growth were:
- Bereke Bank − +88.3 billion tenge (+9.96%), to 975.2 billion.
- Altyn Bank − +71.3 billion tenge (+14.66%), to 558 billion.
- Citibank Kazakhstan − +31.8 billion tenge (+3.99%), to 829.6 billion.
And where the biggest declines occurred
- Halyk Bank − minus 249.2 billion tenge (−3.91%), to 6.12 trillion.
- BCC − minus 97.9 billion tenge (−3.65%), to 2.58 trillion.
- Alatau City Bank − minus 62 billion tenge (−7.32%), to 784.3 billion.
Why it matters
The decline in deposits may indicate several simultaneous trends:
- households and companies are reallocating money to other instruments
- rising prices are increasing spending
- investment and consumption activity may be picking up
Amid high inflation and changing interest rates, Kazakhstani depositors are becoming more selective about where they keep their money.
November turned into a month of net outflows from deposits − but the market remains large and competitive, with banks actively fighting for clients.
