Tenge grows to dollar from the beginning of the year, dealers wait 132/$1

/REUTERS, Almaty, Tatyana Seroshtanova, January 20, 06/ - National currency of Kazakhstan continued to strengthen to dollar in 2006 and participants of the market expect decrease of rate to KZT132.00-132.50 per $1 by the end of January. Average weighted rate of Kazakhstan tenge on main stock exchange session on Friday grew to KZT132.94 from KZT133.09 a day before. Volume of trades increased to $100.610 m. from $47,600 m. on trades in Thursday. Official prognosis of average annual rate for 2006 - KZT127 per $1, for 2005 prognosis was 130/$1. "January - this is strengthening of tenge", - one of Halyk bank's dealer said. Dealer of bank ABN AMRO Kazakhstan agrees with him. "The market, rather, more looks down, than up (by dollar)," - he said. According to players, dollar decreases on considerable volumes of sales of earnings from oil and metals export the current tax week. "The market goes down. Banks developed and closed all positions, going to short position. Banks start to sell and till the end of January, most probably, we will fall", - Halyk bank's dealer said. Moreover, many players came to conclusion that support of dollar on definite level considerably weakened. "We see earnings of oil exporters. May be, one bank starts opening of speculative positions, seeing, that supports from down are not observed", - dealer of ABN AMRO Kazakhstan said. In the opinion of some traders, bearish trend on dollar will be kept in local currency market. "Further it (tenge) will strengthen, because banks will get money on eurobonds, currency earnings from sale of oil will enter", - Halyk bank's dealer said. Bank TuranAlem this week floated perpetual eurobonds for $400 m., and the other bank - CenterCredit - the next week will complete road-show of five- year eurobonds for $200 m. [2006-01-20]