Savings and Investment Trends in Kazakhstan
Increase in the Adoption of Deposit Accounts revealed in Kazakh National Bank Survey
A recent survey conducted by the National Bank of Kazakhstan sheds light on the evolving savings and investment habits of citizens in the country. The findings reveal a growing interest in diversified, yield-enhancing, and risk-managed strategies among Kazakhstani citizens, aligning with global market dynamics.
Shifting Cash into Higher-Yield Instruments
Given the rising interest rate environment, many savers in Kazakhstan are moving their idle cash into higher-yield savings accounts or deposit instruments to take advantage of better returns. This trend is consistent with general market guidance to adapt savings strategies in response to interest rate changes, with the aim of accelerating financial growth over time.
Investments in Trending Sectors
Investments are increasingly directed towards sectors such as technology, healthcare, energy, and infrastructure. Structured products with downside protection, like equity-linked notes, are becoming more popular, particularly among risk-averse investors seeking market participation with built-in risk buffers. This cautious yet growth-oriented investment approach is consistent with the global trend towards thematic and alternative investment strategies focused on AI, digital infrastructure, and private markets.
Demand for Infrastructure and Private Market Exposure
Infrastructure funds and private equity/co-investments have seen rising interest as investors seek diversification away from public markets and look for inflation-linked income streams. This is relevant for Kazakhstan, given its ongoing economic growth and infrastructure development needs.
Breakdown of Loans Held by Kazakhstani Citizens
The survey revealed that consumer loans and mortgage loans are the most common types of loans held by Kazakhstani citizens. Consumer loans are typically used for personal expenses, often unsecured, including for durable goods and services, while mortgage loans are significant given the urbanization and housing market growth in Kazakhstan. Vehicle financing also plays a common role, and business loans (for small and medium enterprises) are also held by some individuals involved in entrepreneurship.
While specific numeric data on loan types and volumes for Kazakhstani citizens was not detailed in the survey, consumer and mortgage loans usually represent the largest proportions of household credit in Kazakhstan, reflecting typical emerging market trends.
Contextual Economic Data for Kazakhstan
Kazakhstan's GDP is expanding steadily, with a forecast growth to $300–350 billion USD by mid-decade, supporting broader credit growth and investment capacity among citizens and institutions. Despite export fluctuations, domestic economic drivers and financial reform efforts are fostering a more dynamic financial services sector in the country.
- The total value of car loans in Kazakhstan in December 2024 was 194 billion tenge (US$367.3 million).
- No respondent reported borrowing from the state for weddings and other needs from January 2016 to October 2019.
- In December 2024, the total value of consumer loans to Kazakh citizens was 1.6 trillion tenge (US$3 billion), while the total value of mortgage loans was 6.5 trillion tenge (US$12.3 billion).
- Nearly 50% of Kazakhstan citizens hold their money in bank deposits, with 25% preferring to keep cash and 30% opting for bank deposits as a method for saving and growing money.
- More than half of the survey participants in Kazakhstan did not have any loans.
- Among the participants who had loans, 18% had consumer loans, 4% had mortgage loans, and 4% had car loans.
- Only 8% of Kazakhstan citizens invest in real estate.
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