Dollar in Kazakhstan grows due to tenge inflow from redemption of the National Bank's notes

/REUTERS, Almaty, Tatyana Seroshtanova, September 23, 03/ - On Tuesday dollar in Kazakhstan won back positions, which it had lost in the second ten- day period of September, having broken the level KZT148.00 for $1 due inflow of funds to the market from redemption of the fourth issue of short-term notes of the National Bank of Kazakhstan, and dealers expect further strengthening of USD's rate relative to tenge. Weighted average rate of Kazakhstan tenge fell on Tuesday to KZT148.05 for US dollar from KZT147.69 on Monday. Volume of trades was $18.8 m. Last week currency market had tenge deficit because of traditional monthly budget payments. "Appearance of tenge at the market caused dollar's growth", - said the treasurer of Alfa-bank Denis Ryltsev. "Before that some players' attempts to go up were interrupted by those ones, who had not tenge - they were selling dollars. So, now those, who were selling dollars, will close their short positions because the market is going up. Besides, tenge has appeared. These are twp factors, which gave stimulus to today's rate ", - said dealer of bank CenterCredit Aibek Burabaev. On Tuesday National Bank redeems issue of 105-day short-term notes in the amount of KZT2.712 bn. ($18.3 m.). In dealers' opinion, inflow of the national currency will result in further growth of dollar. "...There is a little turning of the market. Today funds in tenge will come to the market from redemption of the National Bank's notes ", - Burabaev said. Dealers forecast further decrease of tenge relative to dollar, quotations of which by the end of this week will come, in their opinion, to KZT148.50- 148.70 for $1. "I think (dollar) will grow to 148.50-148.70 for $1", - assumed dealer of Alfa- bank. "My target is KZT148.50 for $1. The market was over-sold. Only the first stream went up", - dealer of bank CenterCredit agrees with him. [2003-09-23]