USD/KZT on closing of the day - 135.84/94 (indicators)

/IRBIS, Sep.16, 99/ - According to REUTERS, at closing of interbank currency market of Kazakhstan on August 11 tenge quotations towards US dollar have made 135.84/94 with the weighted average market's price of 135.70 (+0,01) and the quotes at closing of session of 135.70/71. Compared to the results of the previous day tenge lost 13 points on demand against US dollar and increased by 2 points on supply. Quotations in the interbank currency market were offered with the spreads from 7 to 10 points (average 7), which is essentially less that it was yesterday. Overnight deposits rates are 10% p.a. on demand and 25% p.a. on supply. The growth of the short money price in this case is not likely to testifies to deficiency of money in the market. More probable, the banks try to obtain means for work in the currency market. The demand for dollar from banks of the second tier does not weaken and, by results of exchange session, can not to be neutralized by the obligatory selling of the exporters currency. Dealers s it, and after exchange closing actively operate for a rise. As a result the dollar exchange price (both closings, and average weighted) at the end of a day have remained below than interbank quotations. Such disposition usually testifies to high opening of the following exchange session. IRBIS analysts' opinions divided at estimation of the Friday's market rate. One point of view is based on the National Bank position, which convincingly shows that it is not interested in the fast growth of dollar. Other bases on an objectively great demand for dollar following by low supply of exporters' hard currency. It is quite probable, that the participants of tomorrow's session will try to rise the market by some points. But considering experience of two past days, most likely, dollar will rise by a few points.