Dollar is growing in Kazakhstan, real strengthening is unlikely - dealers

/REUTERS, Almaty, Tatyana Seroshtanova, August 5, 03/ - Dollar in Kazakhstan has won a bit the lost positions because of decrease of volumes of exported proceeds and on Tuesday it came back to the level of almost one month prescription, having broken KZT147.0 for $1. The market reacted rather calmly considering the tendency of dollar's growth as season and short-term one. "There is no changing of the trend yet... Correction, quote possibly, may occur the next week and may be even in this one. In general people do not believe much in growth, but there is nothing to sell now", - said Denis Ryltsev from Alfa- bank. "In the principle inflow of dollars will continue, but now there is some season break, which is concerned with decrease of exported currency proceeds", - said Igor Romanenko from Temirbank. Weighted average rate of tenge decreased on Tuesday to KZT147.05 for $1 from KZT146.87 on Monday at Kazakhstan stock exchange's main session. Volume of trades rose to $7.24 m. from $5.46 m. on previous day. Dealers say about absence of real reasons of dollar's strengthening at the domestic market. "To tell the truth, I can hardly believe in global changing of the trend because there were no fundamental changes in the macroeconomic situation, in the currency market's conjuncture ", - Romanenko said. "Oil still remains the major exported goods. Export still prevails over import. Positive balance goes on growing. Banks go on attracting dollars at foreign markets in big volumes. At that, at present not only banks do it, but national companies as well - Kazmunaigas, for example", - he added. Situation at the neighboring Russian currency market does not let say about real strengthening of dollar either, dealers say. "Probably, National Bank will not let tenge revalue relative to rouble because Russia remains prevailing in the structure of import ", - Romanenko added. Dollar may go on growing this week, however, according to dealers' words, the growth will not be significant. "It's unlikely there will be any changes till the end of the current week: somewhere here - 147 for $1, may be, a bit higher or lower, and as regards tenge liquidity, there is no problem and, thus, there are no clients' bids for dollar sale yet", - said Temirbank's dealer. [2003-08-05]