Dollar in Kazakhstan is falling again because of decrease of currency proceeds

12.09.03 00:00
/REUTERS, Almaty, Tatyana Seroshtanova, September 12, 03/ - Dollar in Kazakhstan is falling again this week because of exported proceeds inflow, however market's participants consider it as a correction after the active growth of previous week and expect further strengthening of dollar relative to tenge in the third ten-day period of September. "Exported proceeds I coming now, tenge is strengthening as usual. That's why we expect further strengthening of our national currency approximately till September 19 ", - said a dealer of Eurasian bank. Weighted average rate of tenge relative to US dollar at Friday's trades of Kazakhstan stock exchange rose to KZT147.60 from KZT148.47 last Friday. "We expected the rate (of dollar) would fall a bit: payments of taxes, royalty and other are coming. I think the next week some correction downward will occur. After that dollar is to go up again", - said dealer of Halyk Bank Yertai Salimov. "Market looks upwards. Only clients' sales disturb it", - dealer of ABN Amro bank of Kazakhstan agrees with him. According to the words of market's participants, Kazakhstan companies-exporters have started active sale of dollars in accordance with the next budget payments on September 15. "Volatility was rather high today. The market moved from KZT147.75 per $1 to 147.58", - Salimov said. According to some market's participants' expectations, in the nearest future dollar's rate may fluctuate within 50-70 tyins (kopecks). "There are still no reasons for dollar's growth. This all is a speculative thing. I think, the rate will not seriously fluctuate till the end of the month. It may fluctuate within 146.5-148.2 tenge per $1", - said the dealer of Eurasian bank. Currency inflow from the planned in September borrowings of banks CenterCredit and ATF to the total amount of more than $200 m. may become the factor, which will prevent dollar from growing. [2003-09-12]