USD/KZT at closing of the day - 131.60 / 131.68 (indicators)

/IRBIS, 11.08.99/ - According to REUTERS, at closing of over-the-counter foreign exchange market of Kazakhstan on August 11 tenge quotations towards US dollar have made 131.60 (demand) / 131.68 (supply) tenge per dollar with the weighted average stock market's price of 131.60 (+0.03) and the quotes at closing of the stock market's session of 131.59 / 131.60. Compared to the results of the previous day tenge lost 7 points on demand against US dollar and 5 points on supply. Dynamics of over-the-counter currency market quotations reflected the change in the currency market exchange rate and slightly emphasized forming trend. After the trades at KASE the over-the-counter currency market did not have certain trends. Quotations were offered with the spread of 7-8 points including the exchange's weighted average rate. By the end of the day slight trend of strengthening dollar emerged. When analysing the exchange rate dynamics on Thursday one should take into account the National Bank's position. Yesterday Mr. Beisembetov pointed out in his interview to REUTERS that the National Bank was satisfied with the latest dynamics of tenge exchange rate to US dollars. If this is true the National Bank should not allow dollar to strengthen on Thursday no matter how great the demand from the banks of the second tier will be. Emerging of this trend is not beneficial to both the National Bank and the Ministry of Finance. On the other hand, inflow of 2,149.40 mln. tenge for the redemption of state securities tomorrow in the second half of the day could back up the demand from the banks of the second tier. Moreover, the banks do not lack free money, and they will have two alternatives: notes-35 and notes-21 or dollar. Analysts at IRBIS do not thrust their forecast of exchange rate dynamics for Thursday, but restrict themselves by describing well-known factors affecting the formation of an exchange rate.