ANALYSIS: As of August 1 2008 the total state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,418.9 bn. or $11,806.6 m.

/IRBIS, Raushan Tundybayeva, Ruslan Dzubaylo, August 18, 08/ - As of August 1, 2008, the total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (the amount of coupon payments) made in current prices KZT1,418.9 bn., or the equivalent of $11,806.6 m. at the rate of KZT120.18 per a dollar. IRBIS specialists came to the conclusion after own databases analysis. During this analysis, the amounts of future payments on MEIKAM were calculated considering the consumer price index, which was fixed for the period from May to July 2008 inclusive, on MEUJKAM and MUIKAM - from August 2007 to July 2008 inclusive. From July 1-31, 2008, the total debt in tenge equivalent increased by KZT20.4 bn. (+1.5 %), in the dollar equivalent (taking into account change in the National Bank exchange rate) by 224.7 m. (+1.9 %). Similar indicators of debt change in June made up plus KZT145.6 bn. (+11.6 %) or plus $1,190.0 m. (+11.5 %). The following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt Change -------------------------------- as of for the *Currency of July 31, 08 as of period -------------- ------------------- June 30, 08 --------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ------------- ----- ------- --------- -------- ----------- --------- ---- National Bank KZT KZT 327.250 23.1 324.851 +2,399.2 +0.7 ------------- ----- ------- --------- -------- ----------- --------- ---- Ministry 1,073.664 of Finance 1,091.671 76.9 +18,006.8 +1.7 incl. face KZT KZT 651.536 45.9 629.421 +22,115.2 +3.5 value incl. KZT KZT 440.135 31.0 444.243 -4,108.4 -0.9 servicing ------------- ----- ------- --------- -------- ----------- --------- ---- TOTAL 1,418.921 100.0 1,398.515 +20,406.0 +1.5 incl. face 978.787 69.0 954.272 +24,514.4 +2.6 value incl. 440.135 31.0 444.243 -4,108.4 -0.9 servicing -------------------------------------------------------------------------------- *USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. Equivalents as of July 31, 2008 were valuated at the rate of KZT120.18 per dollar, as of June 30, 2008 - at KZT120.75. Therefore, the data shown in the table reflect the dynamics emerging, besides all other factors, from the rate difference. Similar figures in U.S. dollars are given in the table as follows. -------------------------------------------------------------------------------- Amount and structure of debt Change ------------------------------- as of for the *Currency of July 31, 08 as of period -------------- ------------------ June 30, 08 ---------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------- ----- ------- -------- -------- ----------- ---------- ---- National Bank KZT KZT 2,723.0 23.1 2,690.3 +32,723.2 +1.2 ------------- ----- ------- -------- -------- ----------- ---------- ---- Ministry of Finance 9,083.6 76.9 8,891.6 +192,004.1 +2.2 incl. face KZT KZT 5,421.3 45.9 5,212.6 +208,740.3 +4.0 value incl. KZT KZT 3,662.3 31.0 3,679.0 -16,736.2 -0.5 servicing TOTAL 11,806.6 100.0 11,581.9 +224,727.3 +1.9 incl. face 8,144.3 69.0 7,902.9 +241,463.5 +3.1 value incl. 3,662.3 31.0 3,679.0 -16,736.2 -0.5 servicing -------------------------------------------------------------------------------- *USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. According to the data of IRBIS, the issue volume of the National Bank's GS in July 2008 by offering amount was KZT313,974.3 m. (in June - KZT312,543.4 m.). At that, the issuer paid off his notes on secondary market to the sum of KZT313,924.7 m. (KZT220,010.4 m.). Thus, in July the net- borrowing balance of the National Bank on GS market made up plus KZT49.7 m. The corresponding index in June made up plus KZT92,533.0 m. (the "minus" sign in the balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors, the "plus" sign - issuer borrowed more than redeemed). In July, the Ministry of Finance borrowed due to MEKAM offering KZT16,798.8 m. (in June - KZT34,341.7 m.) and paid face values of bonds and coupon payments to the sum of KZT8,445.9 m. (in June - KZT14,607.0 m.). July net-borrowing balance of the Ministry of Finance is estimated by IRBIS at plus KZT20,679.0 m. (in June - plus KZT19,734.7 m.). As before, the head bank of the country continues monetary and credit policy, directed for inflation restraining within the claimed corridor from one had and supporting economy growth rates on decent level on the other hand. According to the last data of Statistic Agency inflation in initial 6 months reached 20 %. National Bank of Kazakhstan republic actively operated on GS market, cleaning its financial system from surplus liquidity and trying to effect monetary factors, which make inflation pressure. National Bank was supported by the Ministry of Finance, which increased the amount of state debt in the form of Ministry of Finance's bonds with the purpose to complete the budget. Total July net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at plus KZT20,728.7 m. Similar indicator of June - plus KZT112,267.7 m. IRBIS Agency draws attention of subscribers and the mass media that the data given below are not the official statistics and received as a result of the information analysis, containing in database of the agency on the primary GS market. In part of internal bonds the bases of the agency are adjusted by data provided to IRBIS by Central Securities Depository JSC (Almaty). [2008-08-18]