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ICU Research: Treasury increases expenditures

January 18, 2018 | Cbonds

This Tuesday, the banking system received UAH1.11bn more funds than the Treasury collected in tax payments. There was second time that the Treasury injected money into the banking system. Together with cash exchanged in reserves, non-monetary operations had a positive impact on liquidity of UAH1.88bn, enough to cover the NBU's absorption of UAH1.32bn in FX sales. Ultimately, banking sector liquidity rose UAH0.57bn to UAH98.89bn.

At the same time, banks started to return funds to CDs following last week's withdrawal. Total CDs outstanding rose 3.29bn to UAH49.23bn after banks purchased UAH4.63bn of 14-day CDs and decreased ON CDs outstanding by UAH1.35bn.

Investment implications: Despite liquidity seeming to stabilizing, there is a risk of significant NBU absorption via FX loan repayments. We anticipate that liquidity could remain volatile, especially due to recent bond purchases on Tuesday. Although VAT refunds rose yesterday, the Treasury has paid only UAH1bn since the year's beginning.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


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