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ICU Research: Liquidity rose due to NBU support

January 22, 2013
This week began with an increase in broader banking sector liquidity but a decrease in banks' correspondent accounts with the NBU for the second business day in a row. Yesterday, banks' correspondent accounts with the NBU declined UAH1.06bn to UAH28.83bn while total NBU CDs outstanding rose UAH2.82bn to UAH5.84bn. Total debt repayments scheduled for the next 30 days remained steady at UAH1.40bn. As a result, broader banking sector liquidity rose UAH1.76bn to UAH36.07bn yesterday.
KyivPrime interest rates once more diverged yesterday: the KyivPrime ON interest rate remained steady at 1.03%, while the KyivPrime 1M interest rate declined 21bp to 8.52%.
Investment implications: The increase in liquidity was caused by NBU with UAH3.68bn in purchases of government bonds last Friday from the banks' portfolio. As other NBU inflows were insufficient, excluding NBU support, liquidity should have fallen significantly yesterday.