USD/KZT at day closing - 140.40/60 (indicators)

/IRBIS, Sep.29, 99/ - According to REUTERS, at closing of interbank currency market of Kazakhstan on September 29 tenge quotations towards US dollar have made 140.40/60 with the weighted average market's price of 140.52 (+0.57) and the quotes at closing of session of 140.51/53. Compared to the results of the previous day tenge against US increased by 50 points on demand dollar and by 5 points on supply. After closing of exchange trades quotation fixed approximately one level of USD/KZT. Dollar inclines to weakening. The spreads of the interbank quotations varied from 10 to 30 points at average - 16 - somewhat narrowed against last day. Situation is normalizing. The rates of tenge overnight interbank deposits were at the day closing 25% p.a. (demand) and 45% p.a. (supply), they practically did not changed against morning as well as against yesterday. On KASE the banks of the second tier continued actively (264 million) to attract the shortest tenge, but the price decreased against yesterday's almost twice. The average rate of repo opening - 15% p.a. Short money demand remains high, as the banks still have problems with a short-term liquidity. Main result of trades is the equilibrium market. There were not global sale of the dollar by the banks of the second tier. Supply was completely counterbalanced by demand, which, by volume of the transactions, remained high, despite of free money deficiency. Dollar do not fall in. Results of the day show: the dollar position are still strong and can resist to influence of recent positive news (placement of Euronotes, budjet-2000 consensus in Parliament, optimistically comments of the National Bank). IRBIS forecast on Thursday: languid dynamics of the exchange rate (insignificant downturn or increase are possible). Banks can not completely restore their liquidity, and it can force them to sell dollar. The customers demand, most likely, will remain at the present level. It is early to speak about the long-term forecasts while, but, most likely, the dollar demand will somewhat grow on Friday.