Dealers in Kazakhstan do not expect serious changes of exchange rate

/REUTERS, Almaty, Tatyana Seroshtanova, November 21, 03/ - Weakening of dollar in Kazakhstan, which lasted for the whole week, stopped on Friday at psychologically important level KZT146.0 for $1, and after that the rate went up again, and this tendency, in dealers' opinion, will be preserved the next week. "Tenge's growth should not be a mere fact - a big currency inflow should come. Now it's standard, and moreover "seasonable" factor (budget payments). I think during the month it may fluctuate within KZT145-147 for $1", - said treasurer of Alfa-bank Denis Ryltsev. Timur Gabasov from Citibank also agrees with him, he does not exclude a bigger decrease of dollar to KZT135 for $1 but the next year. "I think before the end of the year range dollar/tenge will be 145.80-147.50. The next year we expect decreasing of dollar to KZT135 for $1, if National Bank, as was announced one day before, will not firmly support dollar with its purchases because the National Bank is the only buyer ", - he said. In the ending week dollar's rate relative to Kazakhstan tenge was quickly falling, having passed a point within Monday and Tuesday. Dealers explain dynamics of the market by the speech of the National Bank's head Grigory Marchenko, who stated on the past Friday about the possible strengthening of the national currency in case of preservation of high prices for oil, which is major export goods of Kazakhstan. "Real reason, except exported proceeds and Marchenko's words, are absent. The next week, most probably, we will trade near 146.30-147.00 for $1. It seems to me that abrupt strengthening of tenge I improbable" - said one of dealers of TuranAlem bank. On Friday dollar went on falling and at the stock exchange's main session for the second time in this year reached minimal annual level KZT146.00 for $1, which the market saw on August 15. After this the rate stared growing again because trade volumes were very low, and according to results of the session weighted average rate of tenge equaled to146.15 for $1. Ascending trend of dollar was preserved at the interbank market where its quotations before the noon were near KZT146.30 for $1. "Today we saw again 146.00 for $1. We saw it last in August. Then it went to 146.30 rather abruptly although volumes were small", - said Gabasov from Citibank. [2003-11-21]