Hkalykbank (Kazakhstan) does not hasten with issue of Eurobonds

/REUTERS Almaty office, Aug. 13, 1999/ - Narodny savings (Khalyk) bank of Kazakhstan, which did not place its Eurobonds last year because of crisis, will not hasten with it in the current year -- the vice-president of bank Leonid Ivanov has informed REUTERS. "We have so cheap money now, that we can wait and finally choose the moment, when the situation will absolutely suit us. We do not hurry up", - he said. Last year Narodny bank intended to place Eurobonds for $100 million volume in the international markets, after the placement of sovereign Eurobonds of Kazakhstan. However after Russia August crisis, the conditions for drawing have come unacceptable. In September of the current year the government of Kazakhstan plans to come in the international market and place Eurobonds to borrow approximately 250 million Euros to cover a part of 67 billion tenges ($507 million) budget deficiency. According to Ivanov, Narodny bank is keeping the interest to the Eurobonds, though their possible issue is not caused by sharp necessity. "Even the syndicated loan is not necessity for us. It is a rules of game - if we work with the international financial organisations, we should have with them any deals. The sum is just only symbolical, for they do not forget us", - Ivanov added. In May of the current year Narodny bank has received $10 million loan from syndicate of banks for crediting of the Kazakhstan exporters.