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13.01.2004 00:00

In 2003 total state debt of Kazakhstan, issued as GS increased by 48.6% in terms of tenge and by 60.3% in terms of dollar along with servicing

/IRBIS, Andrey Tsalyuk, January 13, 04/ - In 2003 total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) increased in current prices by KZT177.4 bn. (48.6%) or by USD1,415.0 m. (60.3%). Specialists of IRBIS came to this conclusion after analyzing its own databases. Face value of the debt increased by KZT184.7 bn. (63.4%) or $1,428.4 m. (76.3%), amount of servicing decreased by KZT7.3 bn. (10.0%) or $13.5 m. (2.9%).

The debt grew in the year 2003 by more than 70% due to issuing activity of the National Bank, which tied excessive tenge liquidity by floating its short- term notes. Its debt increased within the year by 217.5% in terms of tenge and by 242.5% in terms of dollar. It should be noted that terms of this debt has also grown. By the end of 2002 only notes with no longer than 91-day term were in circulation, and as of January 1 of 2004 maximum term was 1 year. It became possible due to changes in the rules of floatation, circulation and repayment of short-term notes, which had taken effect in the end of May of 2003.

In 2003 Ministry of finance entirely refused foreign borrowings. An insignificant increase of the volume of MEKAM circulating at domestic market was the result of debt's restructuring, which was directed towards issue of longer and less profitable bonds.

Domestic executive bodies still control an insignificant part of the state debt, which is in circulation as GS. During the year their stake increased at the market by one third.

Following table contains more detailed information.

------------------------------------------------------------------------------
                                                  Amount and
                                           structure of debt
                                 ---------------------------            Change
                                            as of                      for the
                    *Currency of       Dec 31, 03                       period
                    ------------ ----------------      as of -----------------
                          servi-                  Dec 31 ,02
Issuer              issue cing    bn KZT stake, %     bn KZT      m KZT      %
------------------- ----- ------ ------- -------- ---------- ---------- ------
National Bank       KZT   KZT    205.681     37.9     64.790 +140,890.4 +217.5
------------------- ----- ------ ------- -------- ---------- ---------- ------
Ministry of Finance              323.749     59.7    289.976  +33,772.8  +11.6
incl. face value                 260.064     47.9    218.327  +41,736.5  +19.1
also, domestic GS   KZT,
                    USD   KZT    169.926     31.3    121.077  +48,849.0  +40.3
also, euronotes     USD   USD     90.138     16.6     97.250   -7,112.5   -7.3
incl. servicing                   63.685     11.7     71.649   -7,963.6  -11.1
also, domestic GS   KZT,
                    USD   KZT     38.627     7.12     32.724   +5,902.5  +18.0
also, euronotes     USD   USD     25.058     4.62     38.924  -13,866.1  -35.6
------------------- ----- ------ ------- -------- ---------- ---------- ------
Municipals          USD   KZT     12.971     2.39     10.267   +2,704.1  +26.3
incl. face value    USD   KZT     10.419     1.92      8.353   +2,065.7  +24.7
incl. servicing     USD   KZT      2.553     0.47      1.914     +638.4  +33.4
------------------- ----- ------ ------- -------- ---------- ---------- ------
incl. Astana akimat USD   KZT      5.604     1.03      4.750     +854.0  +18.0
also, face value    USD   KZT      4.650     0.86      3.636   +1,014.2  +27.9
also, servicing     USD   KZT      0.953     0.18      1.114     -160.2  -14.4
------------------- ----- ------ ------- -------- ---------- ---------- ------
incl. Atyrau oblast USD   KZT
akimat                             5.537     1.02      3.370   +2,166.8  +64.3
also, face value    USD   KZT      4.081     0.75      2.896   +1,184.7  +40.9
also, servicing     USD   KZT      1.456     0.27      0.474     +982.2 +207.4
------------------- ----- ------ ------- -------- ---------- ---------- ------
incl. E-Kz          USD   KZT
region akimat                      1.831     0.34      2.148     -316.8  -14.7
also, face value    USD   KZT      1.688     0.31      1.821     -133.2   -7.3
also, servicing     USD   KZT      0.143     0.03      0.327     -183.6  -56.2
------------------- ----- ------ ------- -------- ---------- ---------- ------
TOTAL                            542.401    100.0    365.034 +177,367.3 +48.59
incl. face value                 476.163     87.8    291.471 +184,692.5  +63.4
incl. Servicing                   66.238     12.2     73.563   -7,325.2  -9.96
------------------- ----- ------ ------- -------- ---------- ---------- ------
OR
------------------- ----- ------ ------- -------- ---------- ---------- ------
incl. internal debt KZT   KZT    427.205     78.8    228.859 +198,345.9  +86.7
also, face value    KZT   KZT    386.026     71.2    194.221 +191,805.0  +98.8
also, servicing     KZT   KZT     41.180      7.6     34.639   +6,540.8  +18.9
------------------- ----- ------ ------- -------- ---------- ---------- ------
incl. external debt USD   USD    115.196     21.2    136.174  -20,978.6  -15.4
also, face value    USD   USD     90.138     16.6     97.250   -7,112.5   -7.3
also, servicing     USD   USD     25.058      4.6     38.924  -13,866.1  -35.6
------------------------------------------------------------------------------
* USD is shown as issue currency also in case the face value of bond is
  expressed in tenge, but the security is indexed on the level of changing of
  the rate of tenge to US dollar.

The equivalent amounts as of December 31, 03 were calculated at KZT144.22 per dollar rate, as of December 31, 02 - at KZT155.60. Therefore, the data shown in the table reflects the dynamics due to the exchange rate differences besides all other factors.

Similar figures in U.S. dollars are given in the following table.

---------------------------------------------------------------------------
                                                 Amount and
                                          structure of debt
                                 --------------------------          Change
                                            as of                   for the
                    *Currency of        Dec 31,03                    period
                    ------------ ----------------     as of ---------------
                          servi-                  Dec 31,02
Issuer              issue cing    m. USD stake, %    m. USD   m. USD      %
------------------- ----- ------ ------- -------- --------- -------- ------
National Bank       KZT   KZT    1,426.2     37.9     416.4 +1,009.8 +242.5
------------------- ----- ------ ------- -------- --------- -------- ------
Ministry of Finance              2,244.8     59.7   1,863.6   +381.2  +20.5
incl. face value                 1,803.2     47.9   1,403.1   +400.1  +28.5
also, domestic GS   KZT.
                    USD   KZT    1,178.2     31.3     778.1   +400.1  +51.4
also, euronotes     USD   USD      625.0     16.6     625.0        0      0
incl. Servicing                    441.6     11.7     460.5    -18.9   -4.1
also, domestic GS   KZT.
                    USD   KZT      267.8     7.12     210.3    +57.5  +27.4
also, euronotes     USD   USD      173.8     4.62     250.2    -76.4  -30.5
------------------- ----- ------ ------- -------- --------- -------- ------
Municipals          USD   KZT       89.9     2.39      66.0    +24.0  +36.3
incl. face value    USD   KZT       72.2     1.92      53.7    +18.6  +34.6
incl. Servicing     USD   KZT       17.7     0.47      12.3     +5.4  +43.9
------------------- ----- ------ ------- -------- --------- -------- ------
incl. Astana        USD   KZT
akimat                              38.9     1.03      30.5     +8.3  +27.3
also, face value    USD   KZT       32.2     0.86      23.4     +8.9  +38.0
also, servicing     USD   KZT        6.6     0.18       7.2     -0.5   -7.6
------------------- ----- ------ ------- -------- --------- -------- ------
incl. Atyrau        USD   KZT
region akimat                       38.4     1.02      21.7    +16.7  +77.3
also, face value    USD   KZT       28.3     0.75      18.6     +9.7  +52.0
also, servicing     USD   KZT       10.1     0.27       3.0     +7.1 +231.7
------------------- ----- ------ ------- -------- --------- -------- ------
incl. E-Kz region   USD   KZT
akimat                              12.7     0.34      13.8     -1.1   -8.0
also, face value    USD   KZT       11.7     0.31      11.7        0      0
also, servicing     USD   KZT        1.0     0.03       2.1     -1.1  -52.7
------------------- ----- ------ ------- -------- --------- -------- ------
TOTAL                            3,760.9    100.0   2,346.0 +1,415.0  +60.3
incl. face value                 3,301.6     87.8   1,873.2 +1,428.4  +76.3
incl. Servicing                    459.3     12.2     472.8    -13.5   -2.9
------------------- ----- ------ ------- -------- --------- -------- ------
OR
------------------- ----- ------ ------- -------- --------- -------- ------
incl. internal debt KZT   KZT    2,962.2     78.8   1,470.8 +1,491.4 +101.4
also, face value    KZT   KZT    2,676.6     71.2   1,248.2 +1,428.4 +114.4
also, servicing     KZT   KZT      285.5      7.6     222.6    +62.9  +28.3
------------------- ----- ------ ------- -------- --------- -------- ------
incl. external debt USD   USD      798.8     21.2     875.2    -76.4   -8.7
also, face value    USD   USD      625.0     16.6     625.0        0      0
also, servicing     USD   USD      173.8      4.6     250.2    -76.4  -30.5
---------------------------------------------------------------------------

* USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar.

The agency IRBIS draws the attention of its subscribers and mass media to the fact that cited above is not official data hence it was obtained through the analysis of the information on primary GS market using databases of the agency.

The agency IRBIS also draws the attention of the mass media that this material was prepared by the agency IRBIS but not the Kazakhstan Stock Exchange (KASE).

[2004-01-13]