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07.01.2003 00:00

As of January 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT358.4 bn or $2,303.2 m along with servicing

/IRBIS, January 7, 03/ - As of January 1, 2002 total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices KZT358.4 bn, or $2,303.2 m at KZT155.60 per dollar. The specialists of IRBIS came to this conclusion after making the analysis on the database of the agency. When making this analysis the payments on MEIKAM were calculated along with the consumer price index, which was fixed for the period from October till December of 2002.

Since December 1 through 31, 2002 total debt increased by 16,160.2 m (+4.72%) in tenge, in dollar equivalent (taking into account change in the rate of the National Bank) - by 83,889.0 th. (+3.78%). Corresponding figures of November of 2002 were +KZT8,145.9 m (+2.44%) or +$54,932.0 th. (+2.54%).

Increase of the debt's volume in December was caused exclusively by the work of the National Bank of Kazakhstan at domestic market with positive net-borrowing balance. National Bank was connecting "free money" by means of increase of the volume of notes issue compensating the decrease of issue activity of the Ministry of finance.

Following table contains more detailed information.

--------------------------------------------------------------------------------
                                     Amount and structure of debt
                                   ------------------------------
                                            as of                        Change
                    Currency of     December 31,02          as of for the period
                    --------------- -------------- November 30,02 -------------
Issuer              issue servicing bn KZT share,%         bn KZT    m KZT    %
------------------ ---- --------- ------ -------- --------------  --------- ----
National Bank      KZT   KZT       64.790    18.1         48.170 +16,620.4 +34.5
------------------ ---- --------- ------ -------- -------------- --------- -----
Ministry of Finance               283.325    79.1        283.761    -435.7  -0.2
incl. face value                  211.025    58.9        210.485    +540.0  +0.3
also, domestic GS  KZT   KZT      113.775    31.7        114.110    -335.0  -0.3
also, euronotes    USD   USD       97.250    27.1         96.375    +875.0  +0.9
incl. servicing                    72.300    20.2         73.276    -975.7  -1.3
also, domestic GS  KZT   KZT       33.376     9.3         34.702  -1,325.9  -3.8
also, euronotes    USD   USD       38.924    10.9         38.574    +350.2  +0.9
------------------ ---- --------- ------ -------- -------------- --------- -----
Municipals         USD   KZT       10.267     2.9         10.292     -24.5  -0.2
incl. face value   USD   KZT        8.353     2.3          8.301     +51.8  +0.6
incl. servicing    USD   KZT        1.914    0.53          1.990     -76.2  -3.8
------------------ ----- --------- ------ ------- -------------- --------- -----
incl.Astana akimat USD   KZT        4.750    1.33          4.789     -39.3  -0.8
also, face value   USD   KZT        3.636    1.01          3.627      +9.3  +0.3
also, servicing    USD   KZT        1.114    0.31          1.162     -48.6  -4.2
------------------ ----- --------- ------ ------- -------------- --------- -----
incl. Atyrau       USD   KZT        3.370    0.94          3.340     +30.3  +0.9
region akimat
also, face value   USD   KZT        2.896    0.81          2.870     +26.1  +0.9
also, servicing    USD   KZT        0.474    0.13          0.469      +4.3  +0.9
------------------ ----- --------- ------ ------- -------------- --------- -----
incl. E-Kz region  USD   KZT        2.148    0.60          2.163     -15.5  -0.7
akimat
also, face value   USD   KZT        1.821    0.51          1.804     +16.4  +0.9
also, servicing    USD   KZT        0.327    0.09          0.359     -31.9  -8.9
------------------ ----- --------- ------ ------- -------------- --------- -----
TOTAL                             358.383   100.0        342.222 +16,160.2 +4.72
incl. face value                  284.168    79.3        266.956 +17,212.1  +6.4
incl. Servicing                    74.214    20.7         75.266  -1,051.9 -1.40
------------------ ----- --------- ------ ------- -------------- --------- -----
OR
------------------ ----- --------- ------ ------- -------------- --------- -----
incl.Internal debt KZT   KZT      222.208    62.0        207.273 +14,935.0  +7.2
also, face value   KZT   KZT      186.918    52.2        170.581 +16,337.1  +9.6
also, servicing    KZT   KZT       35.290     9.8         36.692  -1,402.2  -3.8
------------------ ----- --------- ------ ------- -------------- --------- -----
incl.External debt USD   USD      136.174    38.0        134.949  +1,225.2  +0.9
also, face value   USD   USD       97.250    27.1         96.375    +875.0  +0.9
also, servicing    USD   USD       38.924    10.9         38.574    +350.2  +0.9
--------------------------------------------------------------------------------

The equivalent amounts as of December 31, 02 were calculated at KZT155.60 per dollar rate, as of November 30, 02 - at KZT154.20. Therefore, the data shown in the table reflect the dynamics due to the exchange rate differences.

Similar figures in U.S. dollars are given in the following table.

--------------------------------------------------------------------------------
                                    Amount and structure of debt
                                 -------------------------------
                                           as of                          Change
                  Currency of     December 31,02          as of   for the period
                  -------------- --------------- November 30,02 ----------------
Issuer            issue servicing    USD share,%            USD    th. USD     %
----------------- ----- -------- ------- ------- -------------- ---------- -----
National Bank     KZT   KZT        416.4    18.1          312.4 +104,004.1 +33.3
----------------- ----- -------- ------- ------- -------------- ---------- -----
Ministry of                      1,820.9    79.1        1,840.2  -19,357.3  -1.1
Finance
incl. face value                 1,356.2    58.9        1,365.0   -8,811.1  -0.6
also, domestic GS KZT   KZT        731.2    31.7          740.0   -8,811.1  -1.2
also, euronotes   USD   USD        625.0    27.1          625.0          0     0
incl. Servicing                    464.7    20.2          475.2  -10,546.1  -2.2
also, domestic GS KZT   KZT        214.5     9.3          225.0  -10,546.1  -4.7
also, euronotes   USD   USD        250.2    10.9          250.2          0     0
----------------- ----- --------- ------ ------- -------------- ---------- -----
Municipals        USD   KZT         66.0     2.9           66.7     -757.8  -1.1
incl. face value  USD   KZT         53.7     2.3           53.8     -151.7  -0.3
incl. Servicing   USD   KZT         12.3    0.53           12.9     -606.1  -4.7
----------------- ----- --------- ------ ------- -------------- ---------- -----
incl. Astana      USD   KZT         30.5    1.33           31.1     -532.0  -1.7
akimat
also, face value  USD   KZT         23.4    1.01           23.5     -151.7  -0.6
also, servicing   USD   KZT          7.2    0.31            7.5     -380.3  -5.0
----------------- ----- --------- ------ ------- -------------- ---------- -----
incl. Atyrau      USD   KZT         21.7    0.94           21.7          0     0
region akimat
also, face value  USD   KZT         18.6    0.81           18.6          0     0
also, servicing   USD   KZT          3.0    0.13            3.0          0     0
----------------- ----- --------- ------ ------- -------------- ---------- -----
incl. E-Kz region USD   KZT         13.8    0.60           14.0     -225.9  -1.6
akimat
also, face value  USD   KZT         11.7    0.51           11.7          0     0
also, servicing   USD   KZT          2.1    0.09            2.3     -225.9  -9.7
----------------- ----- --------- ------ ------- -------------- ---------- -----
TOTAL                            2,303.2   100.0        2,219.3  +83,889.0 +3.78
incl. face value                 1,826.3    79.3        1,731.2  +95,041.2  +5.5
incl. Servicing                    477.0    20.7          488.1  -11,152.3  -2.3
----------------- ----- --------- ------ ------- -------------- ---------- -----
OR
----------------- ----- --------- ------ ------- -------------- ---------- -----
incl. Internal    KZT   KZT      1,428.1    62.0        1,344.2  +83,889.0  +6.2
debt (KZT)
also, face value  KZT   KZT      1,201.3    52.2        1,106.2  +95,041.2  +8.6
also, servicing   KZT   KZT        226.8     9.8          238.0  -11,152.3  -4.7
----------------- ----- --------- ------ ------- -------------- ---------- -----
incl. External    USD   USD        875.2    38.0          875.2          0     0
debt (USD)
also, face value  USD   USD        625.0    27.1          625.0          0     0
also, servicing   USD   USD        250.2    10.9          250.2          0     0
--------------------------------------------------------------------------------

The agency IRBIS draws the attention of its subscribers and mass media to the fact that these data are not official and were obtained through the analysis of the information on primary GS market from the databases of the agency.

The agency IRBIS also draws the attention of the mass media that this material was prepared by the agency IRBIS but not the Kazakhstan Stock Exchange (KASE).

[2003-01-07]