Losses of Kazakhstan National Bank depositors to be compensated

The National Bank of Kazakhstan has begun developing a mechanism of compensation for losses from devaluation of the currency to depositors of commercial banks who have less than 1 million tenges in their deposit accounts (about $4000), the press service of the National Bank reported.

At the moment the National Bank and the Kazakhstan Fund for Deposit Guarantors has established a working group for developing a mechanism of compensation of the exchange difference on fixed deposits of persons in the national currency. Along with experts of the mentioned institutions, the working group includes members of commercial banks and the Association of Financiers of Kazakhstan.

On August 20th Kazakhstan turned to a new economic policy which was based on the regime of a free-floating tenge.