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ICU Research: Banking sector liquidity slid without support

January 31, 2013
Banks' correspondent accounts with the NBU slid UAH0.23bn to UAH26.18bn and total NBU CDs outstanding declined UAH0.15bn to UAH3.27bn. At the same time, total debt repayments scheduled for the next 30 days remained steady at UAH4.37bn. As a result, broader banking sector liquidity slid UAH0.38bn to UAH33.82.
KyivPrime interest rates continued to rise slightly yesterday: the KyivPrime ON interest rate rose 28bp to 2.00%, while the KyivPrime 1M interest rate rose 28bp to 10.13%.
Investment implications: Liquidity continued to decrease slightly as monthly tax payments were paid and the NBU did not support liquidity.
While the decline in liquidity was not significant because the volume of taxes was small or was paid the day before, the dollar volume was not yet included in statistics. While we do not expect liquidity to rise today, we believe the market situation should be slightly better than yesterday.