UkrSibbank Research: Overnight rates dropped from 18-25% to 3-6%

After a fall to UAH18.7bn during the period of Naftogaz’s monthly payment, the balance of the banking accounts recovered rather quickly to over UAH21bn as the NBU provided UAH1.5bn of long-term refinancing to 4 banks. As a result, overnight rates dropped from 18-25% to 3-6%, while other maturities didn't move much, as usual. KievPrime 1M amounted to 23-27%. Liquidity is to remain comparatively high this week as we do not expect any serious negative impacts thereon, while the amount of OVDP redemptions on Wednesday is close to UAH1bn.