Dollar in Kazakhstan may grow soon due to proceeds sale

/REUTERS, Almaty, Tatyana Seroshtanova, August 1, 03/ - Dollar in Kazakhstan may strengthen in the nearest future due to low volumes of exported proceeds sale, however already in a week increase of exporters' sale can change market's direction, dealers say. "I think, we will grow a bit to 147 per $1, and then, most probably, exporters will start selling", - said a dealer of bank TuranAlem. On Friday weighted average rate of tenge at Kazakhstan stock exchange's main session rose to 146.71 per $1 from 146.76 on Thursday. Last Friday it was 146.53 per $1. Friday's trade volume fell to $8.25 m. from $8.54 m. on previous day. "Dollar is growing due to demand, sellers are not active yet. I think it will last till the end of the week ", - dealer of Eurasian bank agreed with him According to dealers' words, the current week is notable with changing of the trend. "This week there was breaking of the descending tendency. May be clients' purchases have started because some clients were closing short positions", - said Aibek Burabayev from bank CenterCredit. In July National Bank bought about $170 m. at the market in comparison with $500 m. in June. Changing of descending trend of dollar relative to tenge is also promoted by changing of its positions relative to other currencies, such s euro, dealer say. According to the words of market's participants, fluctuations of the rate during the week were within 146.30-146.90 tenge per $1. Lack of dollars is partially compensated by coming of funds from syndicated borrowings. "Halyk Bank has borrowed ($150 m) and money has come to the market already. Before that money were absent. There appeared good liquidity in dollars...everyone has dollars, an we sell again", - said CebnterCredit's dealer. Some market participants do not conceal their "bear" moods and after some time they are ready to play for decreasing of dollar's rate again, having determined the level of 145.75 per $1. [2003-08-01]