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ICU Research: Liquidity continues to rise

February 02, 2018 | Cbonds

This Wednesday, liquidity rose UAH1.23bn to UAH97.96bn as a result of inflows via FX auctions and an NBU ON loan. The increase was fully allocated to reserves with a portion of funds from CDs. Banks' correspondent accounts with the NBU rose UAH1.68bn to UAH45.84bn while total CDs outstanding slid UAH0.45bn to UAH52.13bn.

The Treasury collected UAH7.23bn of revenues, causing UAH1.53bn of outflows due to lower budget expenditures, becoming a base for the negative impact of non-monetary operations. Cash exchanged into reserves declined to UAH0.48bn, covering only a small part of outflows to the Treasury, decreasing the negative impact of non-monetary operations to UAH1.10bn. Meanwhile, the NBU provided banks with more than UAH2bn: UAH2.03bn were injected via FX auctions and UAH0.30 via an ON loan increase to UAH1.6bn.

Investment implications: Liquidity becomes steady and slightly rose at the end of January due to inflows from the FX market. However, at the beginning of the month, we could see outflows to cash which could prevent liquidity from moving above UAH100bn.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


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