711.5 mln tenge should be withdrawn from the state budget to redeem state securities of the Ministry of Finance of Kazakhstan in this week

06.10.99 00:00
/IRBIS, Oct.06, 99/ - The Ministry of Finance will end the forty first week on the primary market for state securities with following results. With an actual redemption volume of 1,259.9 tenge (#13/3B, KZ43L0710996; coupon #1/3i, KZ31L3009995; coupon #1/60B, KZ55L0804A42) the emitter raised $3.8 mln (equivalent in tenge at an official exchange rate on October 6, 99 - 548.4 mln). Negative surplus of net-borrowing of the Ministry of Finance for this week is estimated to be 711.5 mln tenge. When calculating this figure it should be taken into account that servicing of AVMEKAM accounts for most part of redemption amount (1,057.5 mln), which is mainly in the portfolios of State accumulation pension funds. Interest on MEIKAM-3 of the first issue goes to accounts of the structures "close" to the Ministry of Finance. Therefore, money the Ministry of Finance will pay to redeem its debt liabilities in this week will not have a significant impact on the conjuncture of the currency market and short term liquidity of the banks.