Kazakhstanis urged to save money for children's education

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ALMATY. KAZINFORM - Daniyar Akishev, Chairman of the National Bank, touched upon one of the biggest financial priorities for most families in Kazakhstan - saving for their children's college, Kazinform reports.

During the online conference on Thursday Akishev admitted the state educational savings system doesn't have a vast outreach, but it is the right way to save for children's higher education.

The Chairman of the National Bank believes it is important to encourage the population to save money for children's education.

"I encourage all citizens [of Kazakhstan] to look into the possibilities of this system. It has been developed in a way to help you save money for your children's education," he said.

"The down payment equals 3 minimum calculation indexes. In case, the sum of savings exceeds 50% of education-related costs at the moment of payment, the bank may grant an easy-term loan covering the outstanding amount," Akishev noted.

According to him, presently the state educational savings system numbers some 18,000 registered depositors and the amount of savings totals 13 billion tenge.

Akishev stressed he welcomes the idea of the savings system and that the Government should invest more efforts into its promotion countrywide.

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