KASE RESUMES TRADES IN RUSSIAN ROUBLE FROM OCTOBER 20

/IRBIS, Oct 19, 00/ -Today, By the decision of KASE Board dated Oct 19 and according to the decision of the Foreign Exchange Market Committee of the Exchange Council dated July 16, 2000, KASE resumes trades in Russian rouble. The trades open in TOD terms (at the day of deal conclusion, foreign exchange against payment) since Oct 20, 2000. The trade code of the instrument in KASE system - RUR. Trades would be made at additional (day) session of KASE, which is held daily from 11.30 to 15.30 ALT using uninterrupted counter auction method. The sole payment method is Early Payment Processing. The Exchange also will announce weighted average exchange rate of KZT/RUR based on the auction results. The first trades will be held on Oct 20 when all participants could submit bids and offers. The following trades will have different methodology. Their is mandatory presence of the market-maker of Russian rouble in KASE. He will have to put fixed obligatory quotations during the auction as well as to hold market spreads permitted by trade rules. There will be two market-makers on Russian rouble: Bank TuranAlem OJSC (Almaty) and Bank Caspian OJSC (Almaty). The Exchange has already concluded appropriate contracts with the banks. KASE also opened the correspondent account at Stock Commercial Saving Bank of Russian Federation OJSC to provide payments in RUR. Kazakhstan has already had an organized market of the Russian rouble. The trades were stopped at July 5, 1996 due to bankruptcy of Tveruniversalbank and default on its liabilities to KASE. Previously this year, KASE already announced about resume in trades over RUR (since July 03). The trades opening was canceled due to administrative reasons relating to conclusion of the contract between KASE and Stock Commercial Saving Bank of Russian Federation OJSC.