U.S. dollar market of Kazakhstan: day results

/IRBIS, March 23, 00/ - Following is the table of major indicators of Kazakhstani market for U.S. dollar (more than 98% of country's all currency market). ------------------------------------------------------------------------------- US dollar trades at the Kazakhstan stock exchange (KASE) -------------------------- -------------- ------------- ----------- ----------- Instrument USD TOM USD TOM USD TOM USD SPOT Session Main Additional. Evening Evening Time of trades (ALM) 10:15-11:00 11:30-15:30 14:00-18:00 14:00-18:00 Weighted average rate 141.57(+0.15) Not indicated 141.65 - Volume of the session(mln) 2.160(-2.265) 0.300 0.200 0 Ask 141.57 141.59 141.60 141.60 Bid 141.58 - 141.74 - Number of participants 18 4 5 5 -------------------------- -------------- ------------- ----------- ----------- Indicative US dollar quotations in the interbank market in the information system REUTERS at KASE sessions closing (disregarding settlement dates) -------------------------- -------------- -------------- ---------- ----------- Ask 141.53 141.58 141.60 Bid 141.60 141.64 141.67 ------------------------------------------------------------------------------- Notes: Best bid and ask prices at closing of the trades are shown as the Exchange quotations. By indicative interbank quotations of the dollar in REUTERS information system, tenge lost 25 points in comparison with previous day closing on demand and 22 points on supply of the American currency. Feature of a day is recovery of short-term liquidity of the banks of the second level, which has caused growth of dollar demand and tenge weakening. On the KASE morning session this tendency was expressed gentle. Knowing about today's redemption by the Ministry of Finance of MEKKAM-3 256-th issue to the sum of 1,713.8 million tenges, some dealers have attempted to rise the dollar and have done it. It has been stipulated by the demand, accumulated during the holidays. But the interbank overnight tenge deposits quotations in the morning have been rather high - 10/15% p.a. By the moment of the day session closing the shortest money quotation has fallen to 3/8% p.a., and the unidirectional dollar growth has been formed on the platform. After 4:00pM when the dealers have learned the correspondent accounts, the indicative overnight quotations have fallen to 2/6%. The State Securities repo rates have notably decreased also: for one day - to 6.00% p.a., for four days - 12.00% p.a. On the KASE currency platform the forward dollar quotations have appeared, and the trade made has fixed the Friday's dollar price at 141.65 tenges for dollar. The off-exchange indicative dollar quotations, after some decrease at 11-12 AM, have go upwards till the market closing. On Friday the National Bank will send 837.0 million tenges to the banks' of the second tier correspondent accounts for the notes. It is possible, that the emitters through the MEKKAM and notes placements scheduled on this day will sterilize them. However will hardly result in such tenge deficiency, which was observed in the market within two weeks. Thus, it is possible to assume that on Friday on the main KASE session the dollar rate will continue to grow with the approximately today's speed.