Dollar in Kazakhstan broke new minimum, bottom is not yet observed - dealers

/REUTERS, Almaty, Tatyana Seroshtanova, July 10, 03/ - On Thursday Kazakhstan currency market easy reacted on dollar reaching new minimum - 146.95 tenge, as it expects further rise of tenge on the next week due to coming traditional tax and budget payments in the middle of the month. "Nothing special happened. The sale of export proceeds continues, accordingly tenge is strengthening. I don't think that what we passed (147.0) was psychological level. In other words, there is no such level that could be an obstacle for dealers in dollar sale", - said dealer of TuranAlem bank. Survey among market participants demonstrated that they expect fluctuations of dollar rate on the next week within 146.00 - 146.60 tenge. "On the next week the fall (of dollar) will continue for July 15 will come - payment of tax and other state duties, and clients will sell and sell dollars these five days", - said dealer of bank Caspian. On Thursday weighted average rate of Kazakhstan tenge during the main session at KASE up to 146.95 per dollar from 147.15 on previous auction. Trades volume remained relatively large - $31.315 m against $33.365 m on Wednesday. "We ascertained that positive balance of Kazakhstan stays the hit of the season. We've seen a confirmation that export exceeds import. And we've seen that US dollar at present is outsider on indexes of banks' interests", - believes dealer of Caspian bank. According to dealers, the national currency of Kazakhstan gains the popularity among many banks' clients, who recently prefer translating their dollar funds to tenge. "Psychology of our clients changed: before they preferred to keep large funds in dollar, hard currency, but now they prefer to have money in tenge", - said dealer of TuranAlem bank. Absence of real buyers of American currency in the market compels the NBK to hinder sharp tenge strengthening on the inflow of export proceeds, dealers said. "The NBK holds a policy, typical for last months - support dollar. It purchases dollars and do not let tenge to abundantly settle. Its presence is obvious", - said one of the dealers of TuranAlem bank. "People are trading in one direction - to sell quickly. There are few buyers", - added dealer of Caspian bank. [2003-07-10]