ALMATY, Nov 3 (IRBIS)
Today at a press-conference the Head of the National Bank of Kazakhstan has confirmed, that the obligatory sale of half of exporters foreign exchange earnings will be cancelled in the near future. �It will be cancelled within the nearest several weeks�, - has told Grigory Marchenko.
In the IRBIS analysts opinion, most probable date of cancellation is December 01. Some currency dealers do not exclude, that it will take place even earlier.
Besides Marchenko has declared, that the National Bank has agreed with the Ministry of Finance concerning cancellation of the one-percentage tax from the natural persons at the foreign currency purchasing. This tax was established on September 18, 1999 as an additional source of the public finance of Kazakhstan. In opinion of Marchenko, this taxation has given twice less than it has been expected by the government. The share of declare turn-over of the exchange points has decreased sharply. Dollars has started to move to the black market. �If one will calculate the banks� profit tax underpay because of reduction of the turnover in the legal market, and will subtract this money from the money collected by our taxing authority, a fiscal result will appear very low. The probable consequences of it are extremely negative�, - has told Marchenko.
It was informed earlier that the cash transaction tax, most likely, will be cancelled in the beginning of 2000. The chapter of the National Bank not deny this assumption.
ALMATY, Nov 3 (IRBIS)
The next trades in US dollar, Deutsche mark and Euro were held at Kazakhstan stock exchange (KASE). 24 banks participated in the trades.
Today the trades in US dollars opened at 140.09 tenge per unit. Total of 234 deals were made. Weighted average dollar exchange rate made 140.11 (+0.05) tenge per unit. Volume of the session - $11.535 mln (+$3.745 mln). Exchange rate fluctuation during the trade reached0.13%. The trades were closed at 140.17/19 tenge per dollar.
Today the market conjuncture of the dollar changed principally. A steady and powerful strengthening of the dollar has been observed throughout the session. However, mass demand was absent. During last two weeks the banks were not buying back exporters� earnings after selling them. Today the banks bought the dollars of the enterprises back immediately after selling them, thus, playing to raise the exchange rate of the dollar. Only those, who were selling, were also buying. The rest had to watch this action. Such a behavior of the dealers implies that tenge is in relatively small deficit.
In IRBIS specialists� opinion, the market conjuncture has changed due to yesterday�s news of REUTERS about cancellation of mandatory sale of exporters� earnings at KASE �in a very near term�. The statement was made by Grigorii Marchenko, and therefore, had a deep impact. By rumors, the cancellation date has been shifted to November 15 already. Accordingly, stretching of their currency positions by the banks seems to be valid. The balance of the market, which has been observed recently, is upset.
One hour after closing of the trades on over-the-counter market of Kazakhstan dollar was quoted at 140.18/25 tenge per unit, two hours later �140.16/26.
2 deals were made in Deutsche mark. Weighted average exchange rate of the mark � 75.25 (� 0.33) tenge per unit. Trade volume of the session � DEM55 (+25) thousand. At closing of the session Deutsche mark was offered at 75.20 tenge per unit.
No deals were made in euro. At closing of the session euro was quoted at 146.10/149.15 tenge per unit.
ALMATY, Nov 3
(THE GLOBE)
Soon money deposited in Kazakhstani banks will be insured against loss by a new decree that National Bank chairman Grigory Marchenko said he would sign soon. Speaking in Almaty on Wednesday Marchenko said the National Bank had prepared the bill on rules for obligatory insurance of individuals� deposits in the second-level banks.
The rules call for establishing a Kazakhstan Deposits Guarantee Fund with the Share Capital of 1 billion (USD 7,122,507.1). Initially capital will be provided by the National Bank.
The introduction of the insurance program requires changes or additions to ten national laws. First level banks will begin the shift to insured deposits followed by other stable banks.
Banks expect premiums to run to about 1.175% to 1.325% of deposits. As the Fund grows, shares will be redistributed member banks. If a participating bank is liquidated, the Fund will repay individual depositors their money. �Deposits up to 200,000 tenge (US$ 1424.5) will be covered with 100% guarantee,� Marchenko said.
Nine persons (3 representatives of the National Bank, 4 from commercial banks, and 1 each from the Kazakhstan Banks� Association and the Finance Ministry each) will form the Fund�s board of directors.
Mr. Marchenko also announced that by the beginning of next year the National Bank would also introduce a Note Program to regulate the issuance of commercial paper by large companies. Marchenko said the National Bank has already drafted legal documents regulating operations for bills of exchange and notes by second �level banks, as well as the processes for their re-registration by the National Bank.
According to Marchenko, the National Bank and the three most stable national companies (KEGOC, Kazakhtelecom and Kazakhstan Temir Zholy, the national railway system) have discussed the possibility of using their own notes to pay for products and services.
ALMATY, Nov 4
(THE GLOBE)
The coming of Amadeus to the Kazakhstan market will stir up the tourism in the republic.
On November 4 Amadeus CIS having the central headquarter in the southern capital was presented in Almaty. Apart from Kazakhstan the company will cover Kyrgyzstan, Turkmenistan, Tajikistan, Uzbekistan, Azerbaijan and Georgia.
According to the general manager of Amadeus CIS Mr. Emre Bitik, they chose Almaty, as the company highly appreciates both the economic and political stability in Kazakhstan.
Amadeus established in 1987 by Air France, Iberia, Lufthansa and SAS. For ten years the company became a guarantor of successful work of tourist agencies working in over 120 countries.
Besides, customers may receive the latest information to book tickets, reserve hotels and to rent cars all over the world. In future the system will widen and will include railway tours and voyages.
Connecting the company�s database you may receive the latest information on all countries, from restaurants and hotels to visa regimes.
Now Kazakhstan tourist agencies have an access to the most complete tourist database. At the same time, from this moment tourists from other 120 countries may receive useful information on Kazakhstan. This will stir up the development of the tourist industry in Kazakhstan.
The company possesses powerful systems to work in Internet. Thus, you may get the information sitting in your office in any place in the world. For example, in USA more than one million orders are annually made in this way.
In September 1999 the total volume of deposits in banks increased by 4.8% and came to 126.4 billion tenge (US$ 900,284,900.3)
(THE GLOBE), Nov 3
On Wednesday National Bank chairman Grigory Marchenko announced growing foreign currency deposits had boosted bank holdings by 4.8%, while deposits in the national currency had not significantly changed.
Deposits of the population came to 41.2 billion tenge (US$ 293,447,293.4), i.e. 32.6% of the total volume of deposits. For the month they increased by 3.3% due to the growth of hard currency deposits.
�Preliminary estimation of the balance of payments is very positive,� Marchenko said. From the first to the third quarter exports grew by 60%. For the third quarter the export revenues are expected to cover the outflow of hard currency for the first time.
For October the NB gold and hard currency reserves increased by US$ 144 million. �In November the gold and hard currency reserves will return to the level of January 1, 1999,� Mr. Marchenko said.
As of October 1, the direct national debt came to US$ 3,035 million, including US$510 million of debt of the National Bank. As of January 1, 1999 national debt was US$ 3.115 and National Bank debt US$ 654.
Since November 01 on KASE commission fee is established at AVMEKAM trade
/IRBIS, Nov.02,99/ The Management of the National Securities Commission of Kazakhstan (NSC) by the resolution #462 of October 26, 1999 has ratified changes in the KASE�s internal document �Volumes of member�s contribution and commission fee, collected by the stock exchange�. These changes were approved by the decision of KASE members meeting of October 14, 1999, with participation of members of categories �ʔ (right to participation in trades in state securities), �Д (right to participation in trades in non-state securities, included in the official list of KASE, and in state share blocks of privatizing organizations) and �͔ (right to participation in trades in non-state securities, allowed to the circulation in the sector �Non-listing securities�).
According to changes since November 01, 1999 the commission fee is established on KASE for the transaction with special bonds AVMEKAM (KZ55L0804A42, period of circulation 5 years, coupon rate 6.14% p.a., US dollars denominated). The commission fee make 0.005% from a volume of transaction and is collected as from the buyer, and from the seller.
In operations with other state securities the commission fee is not charged and not paid before acceptance of an other decision by the members of KASE�s �K� category.
IRBIS has informed earlier, that the members of the exchange, having the status of AVMEKAM market - maker, are released from this payments. Moreover, half of commission, received by the stock exchange from a contractor of the market - maker in the AVMEKAM transaction, should be transferred to this market - maker.
FIRST OFFICIAL MARKET MAKER HAVE APPEARED ON THE MARKET OF STATE AND NON-STATE SECURITIES OF KAZAKHSTAN
/IRBIS, Nov.02, 99/ - Today by decision #129/0of the Board of the Kazakhstan Stock Exchange:
� status of the specialist in the own bonds (KZ72KA7B9A11, KASE�s official list of securities, category �B�, trade code KKGBb, issue date Sep.06, 99, maturity Sep.06, 2001) since November 03, 1999 will be given to KAZKOMMERTSBANK (Almaty, Kazakhstan);
� status of the market maker in the special hard currency state bonds (�������, KZ55L0804A42, trade code ABM060.001) from November 03, 1999 till January 01., 2000 will be given to the State Accumulative Pension Fund� (Almaty, Kazakhstan).
Capitalization of the market of Non-state Securities of Kazakhstan on October 31 - $1,921.2 million
/IRBIS, Nov.02, 99/ - On October 31 capitalization of the exchange market of Non-state Securities of Kazakhstan (A + B + N without the State Block of Shares) has amounted to $1,921.2 million or 269.4 billion tenges at the dollar exchange rate on October 31.
At the end of September the capitalization was 146.1 billion tenges or $1,042.9 million.
During a month the capitalization has grow by $878.4 mostly because of increase in the prices of common shares of such big companies as SHNOS (till now they were considered at the nominal rate because of deals absence) and KAZAHTELEKOM.
In total 86 (87) Non-state Securities of 63 (65) emitters were in the trade lists of KASE at the end of October (data at the end of September are shown in brackets), including:
� 13 (14) tools of 8 (9) companies under the �A� category of the official list;
� 20 (20) tools of 11 (11) companies in the �B� category of the official list;
� 53 (53) tools of 44 (45) companies in the sector �Non-listing securities�;
� 4 (5) state blocks of shares of 4 (5) emitters.
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