USD/KZT on closing of the day - 136.85/137.05 (indicators)

/IRBIS, Sep.22, 99/ - According to REUTERS at the moment of closing of the interbank currency market of Kazakhstan on September 22 tenge/dollar quotations have made 136.85/137.05 tenge per dollar at an average weighted exchange rate of 136.81 (+0.48) and closing quotations of 136.88/89. By the interbank dealers quotations, tenge as against closing of the previous day has lost 40 points both on demand and on supply. The spreads of the interbank quotations continue to grow (11 - 25 points at average 19). The market comes gradually to the "boiling point". The price of tenge overnight deposits (10/30% p.a. - insignificant reduction toward the day ending after the morning growth) also testifies to this. The current week trend of devaluation today has grown to 42.9% p.a. (month trend - 39.7% p.a.). There is an impression, that some banks of the second tier can not take part in the race. KASE's day volume of attraction in the repo sector increases steadily, and means are attracted mainly by the banks of the second level. Cancellation of today's placements of the indexed week notes by the National Bank is also indicative. Investors (and they are mainly the banks) have stated unacceptable for the emitter yield. Most likely, the banks simply did not have money for the participation in auction: the high demand on USD shows that the banks prefer to use all free means in the currency sector, instead of the sector of State Securities. The National Bank can not change this situation for now. As a whole the market looks at closing as very strained. Thursday will be redemption of the MF State Securities. Friday investors will receive the large sum through redemption of the National Bank notes. It is capable to restore short-term liquidity of the bank of the second tier, and the pressure of tenge in the currency sector will stronger. In opinion of the IRBIS' experts, the peak of this pressure can be expected in the second half of Friday. Analysis of the today's trade results allow to speak that the foreign currency earnings of the exporters are unable to neutralize demand of bank of the second tier, even at its lowered solvency. The dealers' forecasts of the future receipts do not add an optimism. Upon a balance: the IRBIS' annalists expect further dollar strengthening on KASE for the nearest two days, rate can exceed today's one.