Dollar in Kazakhstan has abruptly decreased after statement of the National Bank's head

/REUTERS, Almaty, Tatyana Seroshtanova, October 9, 03/ - Dollar's rate abruptly decreased on Thursday relative to tenge because of close to maximum volumes after statement of the National Bank's head Grigory Marchenko about the possible changing of ascending trend and on the threshold of quarterly tax and budget payments, dealers say. Marchenko said after exchange's trades on Wednesday that two-month growth of dollar, most probably, had come to end, and tenge could strengthen by the results of October. As the result weighted average rate of dollar at the exchange's main session decreased on Thursday to KZT147.65 for $1 from KZT148.21 one day before, and unusual high yesterday's volume of trades was exceeded one time and a half to almost record $83.2 m. Quotations during the session used to reach KZT147.40 for $1, whereas only two days before dollar cost KZT148.46. "General mood was also directed down before, but yesterday it was a jerk" - said dealer of ABN AMRO Bank. "Marchenko does his best in order to damp speculative mood of the market ", - a dealer of one of Kazakhstan banks says. According to the words of one of dealers of bank TuranAlem, there is enough liquidity in tenge at the market. "Sales are made not because of lack of tenge - there is enough tenge, clients just sell and banks preferred to keep from holding long position", - he said. According to some dealers' words, Marchenko's statement might be a signal for clients, which activated currency sale for making traditional monthly payments. "This is both clients sales and actions of banks, which close long positions and open short ones... There is a very big speculative component here", - one of dealers of Kazkommertsbank thinks. National Bank, in the opinion of market's participants, on Thursday was "almost the only buyer". One day before Marchenko said that on Wednesday National Bank bought more than $50 m., or everything it had sold in September, when dollar was strengthening. "Today, I think, people will stop and calm down. Crisis volumes, probably, have passed already", - said Kazkommertsbank's dealer. Market's participants do not see real factors, which can change the situation. "Dollar was growing because of statement of the National Bank's head and speculative mood. Nothing has changed from economic point of view. Prices for oil are high. There was and there is till surplus of dollars", - said treasurer of Alfa- bank, who expected further decrease of dollar. In the opinion of dealer of bank TuranAlem, during the nearest week dollar will remain within 147.0-148.0 tenge for $1. [2003-10-09]