Dealers await dollar lowering against inflow from borrowings
25.06.04 19:40
/IRBIS, June 25, 04/ - According to REUTERS on Friday dollar has
continued its recently formed trend of growth supported by low sellers
activity. However, dealers noted this trend as a temporary expecting
forthcoming inflow of funds to Kazakhstan from external borrowing
REUTERS informed.
Below is translated abstract of REUTERS news.
Today Kazakhstan tenge fell to 136.53 from 136.26 a week ago.
Weighted average rate fell to 136.53 from 136.29 on Thursday. Volume of
trades increased to $14.535 m from $7.710 m at previous session.
On this week several banks and companies announced about intention to
attract syndicated loans or to issue eurobonds. Among them are Halyk Bank
Kazakhstan and Intergas Central Asia daughter of KazMunaiGas to float
eurobonds, while NURBANK to borrow $150.0 m. Bank CenterCredit has
already attracted $45.0 m.
Dealers expect dollar to fall below 136.0 on the next week. They also
characterized the market as balanced with "bearish" and "bullish" players
presented.
Traditional seasonal slump of business activity could hardly result in changes
on the market. The long-term prospect is growth of tenge.
[2004-06-25]