Financial market of Kazakhstan did not react to resignation of the government in any way so far

/IRBIS, Oct.01, 99/ - Today in the morning the prime-minister of Kazakhstan Nurlan Balgimbaev unexpectedly for the most resigned. The resignation was accepted by the President of the country. In whole history of an independent Kazakhstan it is the fourth time Nursultan Nazarbaev changes the head of his government. By the Constitution of Kazakhstan, the President is the one who assigns the prime-minister and accepts his resignation. Resignation of the head of the government means automatic resignation of the whole government. In is inferred from Nurlan Balgimbaev's petition submitted to the President that former government had coped with assigned tasks and had not let the default to happen when the crisis hit the world by carrying out a step-by-step and fundamental policy. Today ex-prime became the president of National company "Kazakhoil", which he led prior to his work at the government. High ranked official told to journalists of REUTERS that assignment has been made "if not by the decree then by the order" of the President of the country. Minister for foreign affairs Kasymjomart Tokaev was assigned as an acting head of the government. Astana officials believe that he is the right person for the position of the prime-minister. So far, it is assumed that confirmation of the new candidate for the prime-minister will be made by the new parliament which to be elected on October 10. Financial market of Kazakhstan traditionally reacted to resignation of the government, that is not at all. Dealers relate the growth of Exchange's rate for the dollar by 99 points to start of a new quarter and accompanying free funds of the banks. Moreover, liquidity of the tenge, which increased remarkably, was affected by the redemption of state securities for more than 4 bln and a small amount of borrowing on the internal debt market. Generally, this market conjuncture on Friday was forecasted by IRBIS specialists. Dealers note that the financial market of the country can react to shuffling in higher echelons only in case of changing the key figures: the minister of finance, the minister of energy, industry and trade, and also the head of the National Bank. yet the forecasts regarding these shuffling is controversial and hardly feasible. IRBIS specialists tend to believe that these events will have the most impact implicitly: change of the government could make corrections to talks with IMF regarding granting loans, or in any case, postpone the first loan. The latter may bring about devaluation expectations to grow.