/IRBIS, Feb.11, 00/ - On February 11 the Ministry of finance of Kazakhstan with the National Bank held the third auction for offering MEKAVM-9 (273 days). Announced volume of the issue is determined by the emitter at $4 mln. Size of satisfaction of noncompetitive applications is 50% of specified amount.

Following is the complete offering data and comparison with previous similar tranche:

Type of the securities МЕКАVМ-9 МЕКАVМ-9 NSIN KZ49L1910A08 KZ49L2609A02 KASE trade code МВМ009.003 МВМ009.002 IRBIS registration number 03/9B 02/9B Par value, USD 100.00 100.00 Issuance date Feb.11,2000 Jan.18,2000 Circulation start date Feb.11,2000 Jan.20,2000 Maturity date Nov.10,2000 Oct.19,2000 Days in circulation 273 273 Number of Primary dealers 11 (+ 2) Demand, mln USD 29.8 (+ 9.6) Weighted average yield on demand, % APR 9.88 (- 0.16) Planned volume, mln USD 4.0 ( 0) Actual volume, mln USD 11.7 (- 2.7) Cut-off price, USD 93.16 (+ 0.07) Weighted average price, USD 93.16 (+ 0.06) Maximum yield, % APR 9.79 (- 0.11) Weighted average yield, % APR 9.79 (- 0.09) Effective weighted average yield, % APR 9.79 ( 0)

Yield is given in currency terms.

The Ministry of finance says no applications were submitted by non- residents.

There is an impression that the banks prefer State Securities. The week's dollar growth has mostly speculative nature do not affect the investors behavior . On the other hand, the level of devaluation for the current year has been determined by the budget parameters. In these conditions the MEKAVM -9 rate offered looks rather attractively.