Dollar in Kazakhstan is strengthening on the threshold of holidays
07.03.03 00:00
/REUTERS, Almaty, Tatiana Seroshtanova, March 7, 03/ - The decreased
volumes of exporters' currency proceeds inflow and the forthcoming long
holidays in accordance with celebration of the International women's day in
Kazakhstan interrupted tendency of the national currency's rate growth, which
was going on since the beginning of the year, dealers say.
"May be the market has reached a certain "bottom", which had been expected
because the abrupt decrease (of dollar) was not to be supported for long, and
exporters' sales volumes decreased. There is also the pre-holiday factor:
before three holidays banks just overstock themselves with currency", - said
one of dealers of ABN AMRO Bank Kazakhstan.
On Friday weighted average rate of Kazakhstan tenge decreased at Kazakhstan
stock exchange's main trades to 151.39 for $1 from 151.15 on Thursday. Volume
of trades increased up to $9.300 m from $8.625 on pervious session.
Decrease of exporters' proceeds inflow was at the market since the beginning of
March, whereas in February stock exchange's volumes used to reach $40-$47 m
a day. In the beginning of march weighted average dollar's rate started
decreasing from KZT151.42 on Monday to KZT151.15 on Wednesday, however
already on Thursday tenge became stable, having remained unchanged relative
to previous trades - 151.15 for $1.
According to dealers' words, changing of the trend was outlined on Thursday in
the afternoon and continued on Friday in the morning at the interbank market,
where dollar's quotations were KZT151.29-151.35.
"Today in the morning there was some jerk of tenge decreasing. Sellers (of
dollar) are absent. It's just difficult to offer dollars at the interbank now.
Bank prefer to purchase dollars and offer abroad", - said chief dealer of bank
CenterCredit Gabiden Balgimbekov.
In the nearest future dealers forecast further dollar strengthening, however,
taking into account "season" factor, by the end of March some correction is
possible.
"Now exporters' currency proceeds has weakened and on account of it one can
expect dollar strengthening, but by the end of the month dollar will go down.
Soon active agriculture crediting will start and dollar, may be, will be
falling", - Balgimbekov assumed.
[2003-03-07]