Closing quotations of additional session of the KASE - KZT143.10/20 per dollar

/IRBIS, Nov.7, 00/ - At Kazakhstan Stock Exchange (KASE) additional (day) trades in U.S. dollars, Deutsche marks, Euros, and Russian roubles were held on TOD terms. 7 banks participated in the trades. In U.S. dollars 15 deals were made during the trade for a total of $1.970 mln within KZT142.90 - 143.15 per dollar interval. The last deal was made at KZT143.15. At closing of the session the dollar quotations were at KZT143.10/20 per unit. At 3:30PM AST on interbank over-the-counter currency market indicative dollar quotations were at KZT143.07/15 per dollar in REUTERS information system. IRBIS analysts explain quick growth of the dollar, which is observed after closing of the main trades at the Exchange, solely on the basis of psychological effect that the speech of Grigorii Marchenko made at the press-conference devoted to October results. In the opinion of the National Bank head (this point of view was presented as the point of view of the National Bank specialists), "equilibrium exchange rate should be around at KZT144 per dollar". Marchenko emphasized that it was merely an estimate and the wish of the National Bank which will not take any practical measures to lower the exchange rate of the tenge. "The switch had to be made towards indirect regulation mechanisms. It is our first attempt to have a moral influence on the market. Although, it does not mean that we will start buying everything furiously till the exchange rate reaches KZT144 per dollar. That is if the market reacts then it will, if not then we will live like we did before", said Marchenko to the journalists (quote from the REUTERS news). At this moment, it is quite clear that the attempt (although, not the first one, as far as the whole period of the National Bank's activities in independent Kazakhstan is concerned) was successful. How well it was - will depend on further developments of the day, which will be covered in evening news block of the IRBIS agency devoted to the Kazakhstani currency market. The trades in Russian roubles were not held today due to the holidays in Russia.