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]