ICU Research: Liquidity down

January 11, 2017 - Cbonds

 

This week started with a slight decline in liquidity, down UAH3.39bn to UAH109.44bn yesterday, slightly above last week's low. The largest decline was seen in CDs outstanding. Banks' correspondent accounts with the NBU slid UAH0.49bn to UAH38.73bn while total CDs outstanding fell UAH2.90bn to UAH70.71bn.

Investment implications: Liquidity was very volatile due to the holidays and unstable cash flows with the budget. After budget expenditures normalize, liquidity should stabilize and is unlikely to decline below UAH100bn this month.
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ICU is an asset management and investmnet banking company.

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