Contact us (+ 7 (921) 446-25-10)
Texting is available for authorized users.
Please register or log in at the website.
Your request for online training is sent. Cbonds managers will be in touch with you shortly. Thank you!

ICU Research: Liquidity under tax payments

July 31, 2017 | Cbonds

Last Thursday, the Treasury collected approximately UAH8.5bn of tax payments versus lower expenditures and an insignificant VAT refund. As the result, the balance of Treasury operations was negative UAH4.15bn, caused by a decline in liquidity. There were outflows via other operations as well, including interest on NBU loans. Only inflows via cash partially offset outflows. Ultimately, liquidity declined UAH3.77bn.

As a source for outflows, banks' correspondent accounts with the NBU declined UAH2.40bn and total CDs outstanding slid UAH1.37bn. Investments in 14-day CDs remained steady as banks decreased investments in ON CDs.

Investment implications: Liquidity continues to decline, and could decline further today as last Friday was the last day of month-end tax payments. We do not anticipate outflows to be offset, as last Friday's VAT refund was so paltry. The NBU held no FX auction last Friday and could purchase some FX today. Because of these factors, liquidity could decline below UAH100bn.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


Similar news:
150 000
issues: local and international bonds
+7 812 336 97 21
150 000
issues: local and international bonds
Сbonds is a global Fixed income data platform
+7 812 336 97 21
  • Descriptive data on bonds
  • Bond Quotes from trading systems and market participants
  • Prospectuses and other issue documents
  • Credit ratings
  • Indices and indicators
  • Market news and analytical research
Analytical instruments
  • Multi-parameter bond database search
  • Bond Maps
  • Market calendar
  • Bond calculator
  • Watchlist and Portfolio management
  • Chart analysis
  • Mobile App and Excel Add-in Tool
Enter or RegisterSubscription/Trial access