In the third quarter of 2022, a significant increase in the deposit base was registered in the country due to settlement accounts and demand deposits. The National Bank of Kyrgyzstan provided such data.
As of the end of September, the deposit base in the national currency exceeded the December 2021 figures by 21.7 percent and amounted to 295.7 billion soms. This growth is associated with an increase in demand deposits since December last year by 29.1 percent, or 9.2 billion soms. Term deposits grew by 10 percent, or 5.9 billion soms.
The deposit base in foreign currency increased by 35.1 percent due to the growth of settlement accounts by 57.5 percent and an increase in demand deposits by 32.1 percent. At the same time, time deposits decreased by 6.3 percent.
Dollarization of deposits increased by 4.5 percent from December 2021 to 45.7 percent.
«The rates on time deposits in the national currency continued their growth, which emerged last year. This reflects increased competition among banks for household deposits amid tighter monetary policy and high inflation. In September 2022, the interest rate on term deposits in the national currency (balances) increased by 1.1 percent compared to December 2021 and amounted to 12 percent. Rates on newly accepted deposits in the national currency also showed growth, rising by 1.5 percent to 11.9 percent,» the National Bank said.
