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ICU Research: Liquidity recovers

July 07, 2016 | Cbonds

Without significant inflows from the NBU via FX auctions or loans, banking sector liquidity recovered UAH1.92bn to UAH97.72bn yesterday. Banks' correspondent accounts with the NBU increased UAH1.74bn to UAH39.17bn and total CDs outstanding rose UAH0.018bn to UAH58.55bn.

Investment implications: Yesterday's increase should be short-lived, as liquidity routinely declines during the first week of the month, most likely due to Naftogaz payments. The weakening of the hryvnia yesterday and the NBU's lack of purchases of FX on Tuesday could signify demand for FX at the market. Today, we could see an increase in liquidity. However, liquidity could decline back to the same level as was seen at the month beginning by Friday or Monday.

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