National Bank of Kazakhstan gave a brief description of the country's deposit market in 1999

/IRBIS, Feb.8, 00/ - In its press-release, devoted to current situation on financial market of the country, the National Bank of Kazakhstan gave a brief description of the deposit market in 1999. The press-release reads that the deposit market of the country was developing "quite dynamically". Some decrease in volume of deposits in the I quarter changed into a long growth trend in all other quarters. "Activation of the National Bank in creating the system of collective protection of deposits of private persons and more attractive deposit policy of the bank stimulated a significant growth in deposits in the banking system", reads the press- release. By the end of 1999 volume of deposits in the banking system of Kazakhstan reached KZT168.9 bln, 2 time increase. Excluding the exchange rate difference this figure grew 71.5%. Money has grown in both tenge and currency deposit accounts. Deposits made in foreign currency equaled KT81.2 bln ($587 mln) by the end of 1999, 66.8% increase without taking into account the exchange rate difference. Deposits made in national currency rose 74.3% from the beginning of 1999, now at KZT87.7 bln. Proportion of currency deposits remain at 48.1% of all deposits of the country. Deposits of the population, including that of the non-residents, increased KZT23.3 bln (73.8%), and without the exchange rate difference - 40.7%. At the end of the year total amount of deposits of the population reached KZT55 bln ($398 mln). Deposits of the population grew 26.2% ($87 mln) in the IV quarter.