Dollar in Kazakhstan lost almost a figure while trades reached a new record

/REUTERS, Almaty, Tatyana Seroshtanova, December 31, 03/ - Speculative spirit of Kazakhstan forex participants during the last short trading day of the year and inflow of significant volume of funds from syndicated loans attracted by a number of Kazakhstani banks and companies led to rapid dollar's weakening relative to Kazakhstan tenge, dealers say. "In the end of the year no one wants to keep dollars. General spirit - downward direction. The fact that market is anticipating proceeds from loans to some banks also had an impact", - one of dealers of Kazkommertsbank said. On Wednesday weighted average exchange rate of Kazakhstan tenge increased to 143.33 per $1 from 144.22 on Tuesday. The volume of trades increased almost 5.5 times relative to previous trades, beat the previous highest $83.22 m, and reached $95.83 m. "This was an apparent speculation. Today (at the exchange) historical maximum has been passed. I think it means Kazkommertsbank's money came in"- one of dealers of Halyk bank admitted. The largest Kazakhstani Kazkommertsbank attracted a week ago a syndicated loan for $300 mn. In dealers' opinion, the reason for short-term dollar strengthening on Monday was tenge deficit. There was an attempt to break through (dollar's) the top. Speculative factor and dollar shortage played their roles yesterday and the day before yesterday, when it was approaching 144.22", - Kazkommertsbank's dealer said. According to forecasts of some market participants. Dollar will be falling during the whole January, as in the beginning of the year major sale of export proceeds are expected. "In January a channel may range between KZT142.0 -143.5 per $1", - a dealer of Kazkommertsbank supposes. [2003-12-31]