Initially, the Kazakhstan Deposit Guarantee Fund reported that payments would be made after February 23, 2023. Kazakhstanis received information from banks that compensation would be credited by March 20.
Answering the questions of Kazakhstanis in social networks, the KFGD explained that the terms for transferring compensation for tenge deposits were specified in the government decree.
Banks within 7 days after February 23, that is, until March 6, including days off, had to provide registries for compensable deposits. Further, KDIF within 3 days, that is, until March 10, sent this information to the Fund for Problem Loans.
Then, the Ministry of Finance, within 3 days, that is, until March 15, including holidays, was supposed to transfer money to the Problem Loans Fund, but only 50 percent of the total amount. Next, the Problem Loan Fund must distribute this 50 percent to banks and send a letter to the Sustainability Fund requesting the second 50 percent. Within 2 working days, the remaining amount should go to the banks.
As a result, all these transfers should go to banks around March 20. Banks must make the transfer within two business days. Taking into account the three-day weekend in honor of Nauryz, the optimal payment date falls on March 24. But taking into account the fact that March 24 is Friday, payments can be transferred to Monday, March 27.
Recall that against the backdrop of volatility in the financial markets in 2022, the National Bank, together with the government, announced the implementation of a program to protect tenge deposits. It provides for the accrual of compensation on tenge deposits of Kazakhstanis in the amount of 10 percent of the smallest amount on the deposit for the period from February 24, 2022 to February 23, 2023. Only deposits opened before February 24, 2022 participate in the program.
At the same time, there are restrictions: the maximum amount on the deposit, for which compensation will be assigned, does not exceed 20 million tenge.
