Dollar in Kazakhstan has reached new minimum, it will go on falling

/REUTERS, Almaty, Oljas Auezov, December 19, 03/ - On Friday dollar's rate relative to Kazakhstan tenge reached three-year minimum - 144.66 tenge for dollar, having quickly passed KZT145.0 for dollar, and dealers expect its further decrease due to exported proceeds although they think it's possible some short-term correction will occur. "Descending trend will be preserved", - said dealer of bank CenterCredit. "The nearest purpose is 144.46 (tenge for dollar), - he added. - If we break it, the next support level is - 143.90". "Some correction upward is possible (on dollar), and n general the market tends to fall", - Kazkommertsbank's dealer agreed with him. "Correction up to 145.00 is possible", - dealer of bank CenterCredit thinks. On Thursday and Friday, after long week-end, at exchange's trades market's participants sold to the National Bank - main purchaser of currency - more than $100 m. "There is impression that at interbank market much currency was sold as well", - said Kazkommertsbank's dealer. "It seems that today (on Friday) clients started selling reacting to what happened on Thursday", - dealer of bank TuranAlem thinks. Kazakhstan tenge was strengthening to dollar since the beginning of 2003, and in the beginning of December National Bank, which was troubled about high inflation rates, let banks speed up that process having relieved support of dollar. [2003-12-19]