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ICU Research: Liquidity continues to increase

July 27, 2017 - Cbonds

 

Due to the positive impact of autonomous non-monetary operations, total banking sector liquidity rose UAH5.34bn to UAH105.52bn yesterday. Banks' correspondent accounts with the NBU increased UAH2.25bn to UAH41.79bn and total CDs outstanding was up UAH3.09bn to UAH53.73bn. Banks mostly increased purchases of 14-day CDs, buying UAH2.64bn more than the amount refinanced. ON CDs rose a mere UAH0.45bn this Tuesday.

For the second consecutive day, the impact of non-monetary operations was positive and and came from Treasury injections. This Tuesday, only autonomous operations caused an increase in liquidity, including UAH4.64bn of inflows from the Treasury and UAH0.70bn from cash. The NBU did not provide or absorb any funds.

Investment implications: Despite collected revenues amounting to above UAH10bn yesterday, the impact of Treasury operations was positive, causing a majority of the liquidity increase. As banks purchased an additional portion of CDs with redemption in August, they most likely do not expect large outflows or need for funds. As currently liquidity rose above UAH105bn, the possibility of it declining below UAH100bn is low but remains possible through the end of the month.
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