Kazakhstan's Interest Rates Surge Across Sectors in September
Financial markets in Kazakhstan witnessed significant shifts in September, with interest rates climbing across various sectors. Notably, the weighted average lending rate for businesses surged to 19.1%, marking a 0.1 percentage point increase from August.
The rise in interest rates was not confined to business lending. Deposit rates also saw an uptick. The weighted average interest rate on deposits held by second-tier banks from individuals climbed to 14.4%, the highest level in two decades.
Short-term deposits, with maturities of one to three months, bore the brunt of this increase, averaging 16.4% in September. Meanwhile, corporate deposit rates held steady at 15.4% since April.
Individuals and sole proprietors also faced higher lending rates, with the weighted average climbing to 21.4% in September, up from 21% in August.
The September trends indicate a broad-based increase in interest rates across different sectors in Kazakhstan's financial market. While businesses and individuals are paying more to borrow, savers are earning higher returns on their deposits, particularly in local currency.
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