The level of dollarization in Kazakhstan has reached a historical minimum in the last 16 years
According to the National Bank of Kazakhstan, in 2023 the level of dollarization dropped to its lowest level in the last 16 years. The decline is observed in both the retail and corporate segments.
The level of dollarization in Kazakhstan has reached its historical minimum in the last 16 years, as reported in the National Bank's financial stability report for 2023. The report emphasizes that the share of foreign currency deposits has significantly decreased not only in the retail but also in the corporate segment. This indicates an increase in confidence in the national currency and the stabilization of the economic situation in the country.
The decrease in dollarization is a positive signal for the Kazakh economy, as it reduces the country's dependence on exchange rate fluctuations and strengthens the position of the tenge. Experts note that this trend may continue in the future, subject to stable macroeconomic policy and further development of the financial sector.
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