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ICU Research: Liquidity steady

November 01, 2017 | Cbonds

After falling significantly at the end of last week, liquidity stabilized and slightly increased so far this week, up UAH0.48bn to UAH77.94bn, due to the positive impact from non-monetary operations while total CDs declined after being reallocated to reserves. Banks' correspondent accounts with the NBU rose UAH1.74bn to UAH45.29bn while total CDs outstanding fell UAH1.27bn to UAH32.66bn as ON CDs declined.

Positive non-monetary operations increased liquidity. Treasury operations were very balanced with UAH0.37bn of outflows; while Treasury accounts received over UAH7.6bn, other operations contributed UAH0.21bn to outflows. Banks exchanged UAH1.06bn of cash in reserves, offsetting outflows and causing liquidity to rise.

Investment implications: As usual at the end of month, banks decreased the amount of cash to match low outflows to the Treasury this Monday, thus supporting liquidity to stabilize. Over the next few days, we could cash operation outflows of reserves in cash to the FX market. We also anticipate outflows to Treasury accounts, especially in the second week of November.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


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