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    Salman Ali

    Senior Analyst at Gavekal Dragonomics

    Salman Ali is a Senior Analyst at Gavekal Dragonomics, specializing in Asian financial markets with a focus on technology and e-commerce firms. He has covered major listed entities including Kaspi.kz AO and Hepsiburada, providing insights on strategic acquisitions, capital markets performance, and regulatory changes. Ali joined Gavekal Dragonomics after prior analytical roles at other financial research institutions, contributing to published research and sector intelligence since at least 2020. His professional credentials include recognized expertise in securities analysis, though no public record of FINRA registration or specific securities licenses is currently available.

    Salman Ali's questions to Joint Stock Co Kaspi.kz (KSPI) leadership

    Salman Ali's questions to Joint Stock Co Kaspi.kz (KSPI) leadership • Q1 2025

    Question

    Salman Ali asked how Kaspi's 18% deposit rate compares to competitors in the market and whether the central bank's plan to increase reserve requirements could trigger another rise in deposit costs across the banking system.

    Answer

    CEO Mikheil Lomtadze responded that Kaspi aims for attractive, but not necessarily the highest, deposit rates, competing on the superior consumer experience of its mobile application. He clarified that the impact from higher reserve requirements is on net income, as the reserves are interest-free, rather than being a liquidity issue that would necessitate raising deposit rates further.

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