Alliance Bank JSC (Kazakhstan) promotes to the development of promissory notes market in Kazakhstan

/IRBIS, Assel Omarova, March 11, 04/ - Alliance Bank JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, has spread press-release, in which the bank's work as the financial operator at the country's promissory notes market is characterized. In particular it's noted that since the beginning of 2004 Alliance Bank JSC has acted as the financial operator of promissory notes of NC KTZh CHSC (Astana) of two issues for a total of KZT300 m. On February 23 and March 2 of 2004 Kazakhstanа railway operator with the assistance of Alliance Bank JSC issued common commercial promissory notes for 6 months for KZT200 m. and KZT100 m. correspondingly. Besides, Alliance Bank JSC at present is the financial operator promissory notes program of Almaty Kus OJSC (Almaty oblast) and KazTransCom OJSC (Almaty). In the opinion of the adviser of Chairman of the Board of Alliance Bank JSC Mrs. Sultanova, "introduction of the promissory notes system of calculations will let enterprises release money supply from the turnover that, in its turn, will promote to growth of working assets; quicken calculation mechanism; solve the problem of mutual non-payments of enterprises. Besides, promissory notes will let companies effectively plan the forthcoming payments and show themselves as the active participants of the financial market, who find new solutions in business development". Along with Kazkommertsbank JSC, Alliance Bank JSC makes attempts to develop the organized market of promissory notes in Kazakhstan. In particular, the second in Kazakhstan history series of deals with promissory notes at KASE was made with the bank's participation (February 26 of 2003, 7 deals with promissory notes of Almaty Kus OJSC for KZT14.6 m.). However it's not time yet to say about stock exchange's market of promissory notes in the republic. [2004-03-11]