Broader liquidity declines

Broader liquidity declines



28 квітня 2015 года
ICU

Broader banking sector liquidity fell UAH4.98bn to UAH56.39bn yesterday mostly due to debt repayments to the NBU. After having repaid UAH4.57bn in local currency debt repayments last Friday, the MoF also decreased total local currency debt repayments for the next 30 days to UAH4.92bn yesterday. These repayments were received by the NBU, as the NBU portfolio of government bonds yesterday declined UAH4.40bn, similar to the volume of principal repayments, while UAH0.18bn in interest payments were also received by the NBU. The two other liquidity indicators showed fund rellocations as total CDs outstanding declined UAH1.79bn to UAH25.03bn and banks' correspondent accounts with the NBU rose UAH1.38bn to UAH26.45bn. Month-end tax payments could have a slight impact. KyivPrime interest rates slightly diverged last Friday: the KyivPrime ON interest rate rose 52bp to 22.19% while the KyivPrime 1M interest rate slid 8bp to 27.75%.

Investment implications: The NBU provided UAH1.79bn, mostly reallocations to banks' correspondent accounts with the NBU, while some funds were used for month-end tax payments or FX purchases last Friday. These funds came from CD redemptions, as the NBU repaid UAH11.64bn in CDs and sold only UAH9.80bn of new CDs, including UAH7.65bn of CD redemptions yesterday. The NBU will likely continue to decrease CDs outstanding to support banks with funds for fulfilling month-end tax payments, causing the broader indicator to decline.

Источник: ICU

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