National Bank of Kazakhstan has changed settlements basis of its short-term notes into actual/365

/IRBIS, May 30, 03/ - Since May 30 of 2003 resolution of the Board of the National Bank of Kazakhstan dated April 10 of 2003 #109 "About including of changes and additions into resolution of the Board of the National Bank of Kazakhstan dated December 20 of 2001 #554 "About Approval of Rules of issue, floatation, circulation and redemption of short-term notes of the National Bank of Kazakhstan", which was registered in the Ministry of justice of Kazakhstan under the number #1748" (Resolution) has taken effect. The resolution was registered in the Ministry of justice of Kazakhstan under the number #2277 on May 16 of 2003 and took effect since May 30 of 2003. Most changes and additions of the " Rules of issue, floatation, circulation and redemption of short-term notes of the National Bank of Kazakhstan " (Rules) have editing character. But there are also fundamental changes. In particular, in the new Rules limitation of circulation term of the issued notes, which in the old edition was equal to 91 days, has been removed. In the new Rules, while calculating yield of notes one should use time basis 365, but not 364, as it was before. It follows from explanation of specialists of Monetary operations department of the National Bank of Kazakhstan that new Rules are used only for bonds, which have been issued after May 29 of 2003. Calculation of yield of issued before notes is made on time basis actual/364. [2003-05-30]