Over 50% of the people in Kazakhstan still prefer to save money in national currency


DEMOSCOPE Bureau for Express Monitoring of Public Opinion has conducted a public opinion poll to find out if people have trust to national currency and what they think about anti-dollarization of the country economy. 1 371 respondents from Astana, Almaty and 14 regional centers of Kazakhstan took part in the poll.

74% of females and 26% of males aged over 18 were interviewed by phone and online. 

57% of the people of Kazakhstan will prefer to make bank deposit in national currency if they have opportunity. 21% of the interviewees will prefer American dollars. Such data were received during the public opinion poll conducted by DEMOSCOPE Bureau for Express Monitoring and Public Opinion. 8% prefer to keep their savings in Euro, while other 5% will choose another currency. Only 9% of the respondents would make deposits in several types of currency.

Meanwhile, the level of trust to the national currency decreased this year among 41% of the interviewees. In spite of significant devaluation of tenge, 18% of the poll participants had more trust to the national currency. 24% didn’t change their attitude towards it.

During the poll, the respondents were also asked about measures that are necessary to strengthen the national currency. From the opinion of 27% of the interviewees, increase in interest rates for tenge deposits should strengthen the Kazakh currency. 24% if the respondents are sure that tenge should be supported by the National Bank of Kazakhstan under oil price fluctuations and other conditions. From the opinion of 14% of the poll respondents, the general control over inflation is extremely important during the crisis. The same number of people think it’s necessary to increase amounts of government guarantees for tenge deposits. 21% of the interviewees found it hard to answer this question.

On November 16 the president of Kazakhstan Nursultan Nazarbaev ordered the new head of National Bank – Daniyar Akishev – to take measures on returning public trust to tenge. The president has also settled task to continue the process of economy anti-dollarization.

The poll showed that 32% of the respondents think the total anti-dollarization of Kazakhstan economy is possible. 28% have the opposite point of view. 17% think the foreign currency can be less used than the national one in the nearest future. Another 7% suggested that usage rate of US dollar will increase. 16% of the interviewees could not answer the question.

In regard to the effectiveness of measures that are necessary to gradually anti-dollarize the country economy, the respondents had different opinions. 26% of the poll participants considered growth of industrial production in Kazakhstan and providing subsidies for local manufacturers as the most effective method to anti-dollarize the country economy. 19% of the interviewees are sure that strengthening  national currency would help to decrease rate of dollar massive usage in Kazakhstan. While 11% are sure that only economic sustainability will contribute to the process of anti-dollarization. 9% of the interviewees named development of non-cash payments. The same quantity indicated increase of level of financial literacy among the local population. 7% proposed ban on making sales (real estate, cars and etc.) in foreign currency.

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