Banks in Belarus, Kazakhstan, and Kyrgyzstan Raise Cash Deposit Fees

Reports indicate that banks in Belarus, Kazakhstan, and Kyrgyzstan have increased commissions for cash deposits in Russian rubles to as much as 20 percent. This measure particularly affects non-residents wishing to maintain accounts in these countries.

In Kazakhstan, banks such as CentreCredit Bank have raised fees for individuals from 5 percent to 10 percent, while Halyk Bank has increased its commission to up to 15 percent. In Kyrgyzstan, EcoIslamic Bank has doubled its fees from 5 percent to 10 percent.

In Belarus, banks like MТBank, Sberbank, VTB, BelVEB, Belarusbank, and Technobank have also raised fees for cash deposits, with some institutions increasing charges to as much as 15 percent. Neo Bank Asia has set its commission even higher at 20 percent.

The increase in fees is attributed, among other factors, to an oversupply of ruble liquidity in the markets, leading to this reaction from financial institutions.