Kazakhstan dealers wait for dollar increase in the next week

/Almaty bureau REUTERS, Tatyana Seroshtanova, September 20, 02/ - Participants of Kazakhstan money market do not exclude in the next week of some weakening of tenge due to decrease of volumes of exporters' currency proceeds, and also expected decrease of official rate by the National Bank. "Approximately on Wednesday or on Thursday export inflow will reduce, anyway soon October will come, and then first contracts of importers will begin. I think that (the next) week may close with the level of KZT154.65-154.70 for $1", - supposed one of dealers of bank Caspian. "Everything depends on official rate - whether official bids will be increased by the National Bank ". During the year the National Bank fluently decreases the rate of the National currency, following the parameters, which had been included into the country's annual budget. Its Head Grigory Marchenko said in August that economic stability in the country allows to forecast that tenge rate by the end of 2002 will not go lower than 157 for $1. Despite some growth of dollar on Friday, quotations within the week practically did not change, and remained within KZT154.44 - 154.45 per $1. Behavior of the market on Friday changed reduction of clients' orders in commercial banks for currency sale for monthly budget and tax payments. "There were no significant changes during the week. The National Bank supported (dollar) from below on the level of KZT154.45, there were very high volumes of export proceeds. Today the situation changed a bit: clients' orders decreased", - said a dealer of Kazkommertsbank. Weighted average rate of tenge at the main session of Kazakhstan stock exchange fell on Friday to KZT154.50 for US dollar from KZT154.44 at the previous trades. Volume of the session fell to $5.855m from $17.470 on Thursday. According to the words of the market's participants, the main purchaser of exported proceeds was the National Bank. "Demands for USD was significantly formed by the National Bank, which purchased the most part of exported proceeds. The market had full excess, interest rates reached historical minimums - 4.0-4.5%", - said a dealer of the bank Caspian. Behavior of the market after closing of the main stock exchange's session on Friday, according to the words of some dealers, changed again: at interbank dollar is quoted within KZT154.42-154.48. "In the afternoon the real deals at real rates began KZT154.45-154.44 for $1", - said the dealer of bank Caspian. [2002-09-20]