Dealers await dollar lowering against inflow from borrowings

/IRBIS, June 25, 04/ - According to REUTERS on Friday dollar has continued its recently formed trend of growth supported by low sellers activity. However, dealers noted this trend as a temporary expecting forthcoming inflow of funds to Kazakhstan from external borrowing REUTERS informed. Below is translated abstract of REUTERS news. Today Kazakhstan tenge fell to 136.53 from 136.26 a week ago. Weighted average rate fell to 136.53 from 136.29 on Thursday. Volume of trades increased to $14.535 m from $7.710 m at previous session. On this week several banks and companies announced about intention to attract syndicated loans or to issue eurobonds. Among them are Halyk Bank Kazakhstan and Intergas Central Asia daughter of KazMunaiGas to float eurobonds, while NURBANK to borrow $150.0 m. Bank CenterCredit has already attracted $45.0 m. Dealers expect dollar to fall below 136.0 on the next week. They also characterized the market as balanced with "bearish" and "bullish" players presented. Traditional seasonal slump of business activity could hardly result in changes on the market. The long-term prospect is growth of tenge. [2004-06-25]