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ICU Research: Liquidity hits year's low

October 10, 2017 | Cbonds

Last Friday, total banking sector liquidity fell to its new year's low, down UAH3.20bn to UAH72.89bn. A significant change in the balance between budget revenues and expenditures as well as cash outflows were the main reasons for the decline.

The Treasury paid UAH1.76bn less than revenues it collected after a few days of inflows, while banks exchanged UAH1.42bn of reserves more into cash than back into reserves. The net impact of non-monetary operations was UAH3.20bn of outflows, divided between reserves and CDs. Banks' correspondent accounts with the NBU fell UAH1.67bn while total CDs outstanding declined UAH1.54bn. NBU operations had no impact on liquidity.

Investment implications: The Treasury returned to absorbing liquidity last Friday, which was increased by outflows to cash. Without other sources to offset these outflows, liquidity fell to its new year's low. This week, liquidity should recover until month-end tax payments begin to avoid declining further.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


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