Reappearing deficit of tenge caused the exchange rate of the dollar to fall at KASE

/IRBIS, March 20, 00/ - Today the next morning trades in U.S. dollars, Deutsche marks and euros were held at Kazakhstan stock exchange (KASE) with TOD payment terms. 17 banks participated in the trades. Today the trades in U.S. dollars opened at KZT141.75 per unit. Total of 105 deals were made. Weighted average dollar exchange rate equaled to KZT141.59 (-0.08) per unit. Volume of the session - $5.065 mln (-$7.445 mln). Exchange rate fluctuation during the trade - 0.13%. The trades were closed at KZT141.56/58 per dollar. After an active buying of dollars on Friday today the banks were not able to create an adequate demand for the American currency to their supply. Only two participants, each of them bought more than 1 mln U.S. dollars, were the exceptions from this circumstance. Supply, on the contrary, was large. Sale of more than 3 mln USD by three banks, as well as lesser volumes of other participants of the trades with existing volume of demand contributed to a gradual and constant decrease in the exchange rate of the dollar throughout the session. By the results of the trades it can be said that remarkable activity of currency dealers on Friday was likely to be based on speculative moods rather than on a growth in real purchasing power of the banks. The last trades of previous week emptied correspondent accounts of the banks again, and the amount of money received after the repayment of SS was not enough to compensate for the deficit. Today quotations of interbank "overnight" tenge deposits are at much higher levels than they were at the beginning of last week - 10-11/16 APR. Therefore, some banks began to shorten their currency positions by supporting their short term liquidity. One hour after closing of the morning session of KASE on interbank market of Kazakhstan dollar was quoted at KZT141.50/58 per unit. Two hours later - KZT141.50/56. In the day session of KASE with TOD payment terms at 12:30PM the dollar was at KZT141.52/61. Deutsche mark, morning session, TOD: 3 deals, weighted average - 70.57 (+0.76) tenge per unit, volume - DEM45 (+10) th. Closing quotations - KZT70.00/57 for mark. Euro, morning session, TOD: no deals. Closing quotations were absent.