Kazakhstan to implement first stage of reserve requirement hikes in SeptemberThe National Bank of Kazakhstan will phase in higher reserve requirements beginning September 1, initially setting levels at 3.5% for tenge deposits and 10% for foreign currency deposits, Deputy Chairman Akylzhan Baimagambetov announced Thursday."We've held extensive discussions with banks, and one constructive proposal was to consider phased implementation," Baimagambetov said.Further adjustments will occur in April 2026, when foreign currency requirements rise to 12% while tenge requirements remain at 3.5%. The central bank plans to reach its final targets by September 2026, with tenge liabilities set at 5.15%.The move follows the regulator's April assessment that Kazakhstan's effective reserve requirement rates ranged between 1.5% to 2% depending on individual banks' balance structures. The central bank had previously indicated plans to finalize reserve requirement decisions before mid-2025, arguing that reducing banks' ability to profit from central bank instruments would stimulate lending growth.In February, the National Bank published an analytical note comparing Kazakhstan's reserve requirement policies with regional peers, concluding that current requirements were significantly lower than neighboring countries and ineffective given structural liquidity surpluses. This led to April consultations with financial regulators and commercial banks about reforming the reserve requirement mechanism. (ICE ALMATY)

Fonte notizia: INTERFAX