Kazakhstani dealers expect some decrease in the exchange rate of the tenge in the next week

/IRBIS, June 30, 00/ - REUTERS informs that dealers expect the continuation of the growth in the dollar exchange rate in the next week due to inflow of tenge onto the Kazakhstani currency market, unless significant volumes of exporters' currency earnings appear on the market. One of the dealers says that the exchange rate may reach KZT142.85- 143.00, unless exporters begin to sell their earnings. Weighted average rate of the Exchange fell from KZT142.65 to KZT142.85 today, down from KZT142.57 of June 28, while trade volume increased from $4.800 mln to $10.605 mln. Dealers are said to expect large inflow of tenge onto the market after the offerings of corporate bonds of such companies as Kazakhtelecom, Halyk Bank, Kazakhoil, KEGOC, Kazakhstan temir joly. Many pension funds and pension assets management companies were buying corporate securities in this week, is said. As the dealers say, another reason is cancellation of the Ministry of finance's auctions and small volume of short-term notes placed by the National Bank. Dealers also believe that there is enough amount of tenge on the market, and the demand for the dollars is growing. They say that a few days ago there was a shortage of tenge, as the banks were meeting the requirements of the National Bank on their reserves. The "overnight" rates were at 16-17% yesterday, while they fell to 6-7% today, said one of the dealers. However, the situation on the currency market is stable due to a surplus of exports over imports in the trade balance of the country, is said. It is also said that tenge to dollar exchange rate is stable, and the trading range is within KZT142.40-142.90 from the second half of April, and the supplies of both the tenges and the dollars are sufficient.