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ICU Research: Significant liquidity increase

February 07, 2018 | Cbonds

This Monday, the Treasury and the NBU caused liquidity to increase close to UAH100bn, and yesterday it possibly rose even further following NBU purchases of FX, higher budget expenditures, and VAT refunds.

Total CDs outstanding fell UAH5.04bn while banks' correspondent accounts with the NBU rose UAH8.06bn upon receiving additional funds. The NBU provided one bank with a UAH1.3bn loan instead redeeming UAH0.30bn from last Friday. Also, the NBU purchased UAH0.28bn of FX on Monday as non-monetary operations had a significant positive UAH1.75bn impact on liquidity, including UAH1.64bn of Treasury inflows. As a result, liquidity rose UAH3.03bn to UAH99.28bn.

Investment implications: Higher budget expenditures support liquidity. With yesterday's UAH1.5bn NBU inflows and a UAH0.35 VAT refund from the Treasury, liquidity could cross UAH100bn, albeit temporarily.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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