USD/KZT at day closing - 139.55/140.05 (indicators)

/IRBIS, Sep.24, 99/ - According to REUTERS, at closing of interbank currency market of Kazakhstan on August 11 tenge quotations towards US dollar have made 139.55/140.05 with the weighted average market's price of 139.06 (+1.60) and the quotes at closing of session of 138.80/95. Compared to the results of the previous day tenge lost 70 points on demand against US dollar and 200 points on supply. The spreads of the interbank quotations varied from 20 to 50 points at average - 38. Average spreads yesterday was 24 points. The rates of the tenge overnight interbank deposits have decreased from 12/30% in the morning to 5/15% at the day closing. The reasons, in opinion of the IRBIS analysts are: redemption of the notes by the National Bank and today's cancellation of indexed note-14 placement. The short-term liquidity of banks has grown, but the demand on short money remains high. The banks actively attract them for work on the exchange market. Active attraction of means under the annual rates of 12-16 (for 4 -14 days) was observed today in the KASE's repo sector. By results of today's dollar trades the current trends of devaluation have grown twice: day - 423.7% p.a., week - 121.3% p.a., month - 64.5% p.a. The dealers mark that the devaluation expectations are still very high. If the National Bank could sterilize redemption of its securities at today's notes-14 placement, the pressure could decrease, and the further buying of dollar under so fast growing price would become impossible. However emitter of the notes did not go to a compromise. As a result on Monday 3.1 billion tenges can appear on the currency market and will work on the growth of a dollar rate. It is obvious for the IRBIS analysts, that the first trades of the next week will go at even more intensive growth of dollar. But it could be possible only if the National Bank will not interfere. Today it is the only one that can stop the further fall of a national currency rate by the market (great USD intervention) or administrative (for example, reduction of the currency net - position of banks of the second tier, introduction of the 100% obligatory sale of the exporters' proceeds) methods.