REUTERS: Dealers await lowering of dollar rate during August

/IRBIS, July 30, 04/ - Participants of foreign exchange market still expect that general trend of dollar fall will remain unchanged in August despite recent growth of dollar prices Reuters reported. Prices fell on decrease of export proceeds and clients orders that sunk after completion of July tax payments. Below is abstract of translated news of Reuters: Despite insignificant lowering of dollar on Friday in the main session (from 136.29 to 136.31) dollar continued growth on additional session and the interbank market at 136.36-136.41. According to Reuters one of the dealer from Eurasian Bank suggested that dollar would start falling from August 3-4 or even on August 2. A dealer from CenterCredit was quoted as saying that tenge liquidity is very high while tenge denominated yields have fallen. Dealers also noted that dollar grew on Friday because of high demand from some large banks. They also said that recent tenge strengthening is a short term one as some banks announced borrowing plans in July. In July EBRD lent to Caspian Bank $8.0 m. ATF Bank plans to attract 18-month syndicated loan for $50.0 m and to issue $150.m. in 5-year eurobonds. Halyk Bank informed that it prolonged syndicated loan with increase of volume to $200.0 m from $150.0 m. Besides, Kazkommertsbank also reported on planned syndicated loan for not less than $50.0 m. On Thursday EBRD lent $81.6 m to JV MunaiTas. [2004-07-30]