Kazakhstan tenge will go on growing despite correction - dealers

/REUTERS, Almaty, Tatiana Seroshtanova, March 18, 03/ - Kazakhstan dealers do not expect dollar strengthening at domestic market this week despite its insignificant Tuesday's growth, which was promoted by appearance of demand and speculative mood of market's participants. "In the morning there were sellers (of dollar) at the market, then purchasers came. The National Bank did not show itself. There was felt speculative mood", - said chief dealer of bank CenterCredit Gabiden Balgimbekov. On Tuesday weighted average rate of Kazakhstan tenge at Kazakhstan stock exchange's main session fell to KZT150.89 for US dollar from KZT150.88. Volume of trades increased up to $6.385 m from $5.670 m at previous trades. "Now the rate has become more or less stable. There is no abrupt falling (dollar) already. Now there have appeared purchasers already, but it's possible, this is one-time appearance. There are no reasons for dollar strengthening yet", - said treasurer if Alfa-bank Denis Riltsev. Dollar in Kazakhstan has reached 15-month minimum, having matched with the level of December of 2001, when quotations of weighted average rate used to reach KZT150.71-150.94. According to dealers' forecast, in the nearest future situation at the money market will scarcely fundamentally change because exported proceeds inflow remains rather large due to high prices for oil, which is the country's major exported goods. "Everyone now is in expectation of beginning of the war (in Iraq). Many things depend on prices for oil, but anyway inflows will still be great. There are still no expectations of abrupt increase of dollar. Most probably, tendency of decreasing will remain", - Balgimbekov believes. Export of oil from Kazakhstan in January of 2003 increased in money t by 75% in comparison with January of 2002 and reached 497.1 m. [2003-03-18]