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ICU Research: MM: Budget collecting funds

March 12, 2019 | Cbonds

Banking-sector liquidity was down UAH13bn last week due to the Treasury absorbing funds and large reserves exchange in cash. This week, liquidity should be close to UAH100bn.

Liquidity was under pressure last week from corporate profit tax payments. Yesterday was the last day of tax payments from this source based on income received in 2018. As the result, liquidity declined to UAH101.5bn last week due to outflows to Treasury accounts. Last week, the budget absorbed UAH11.1bn, including funds paid for new bills. Also, banks exchanged UAH6.5bn of reserves in cash, which had a negative impact on liquidity.

At the same time, the NBU increased purchases of FX in the market to improve the balance due increased supply from foreign investors. Last week, the NBU paid UAH5.6bn for FX purchases, which supported liquidity.

ICU view: Last week, the budget received more than UAH26bn of revenues, which is sufficiently larger compared with the same period in February, and which caused a liquidity decline. This week, liquidity will be under the same pressure from the last day of profit tax payments, and the beginning of a new wave of outflows due to other taxes. So, liquidity will depend on budget expenditures and FX inflows from foreign investors.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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