Slight decline in liquidity

Slight decline in liquidity



6 листопада 2015 года
ICU

Banking sector liquidity slid yesterday with a slight reallocation of funds to CDs after the NBU sold 3-month CDs. Banks' correspondent accounts with the NBU declined UAH1.19bn to UAH18.79bn, while total CDs outstanding rose UAH0.99bn to UAH67.99bn, causing banking sector liquidity to fall UAH0.20bn to UAH86.77bn.

Investment implications: Banks purchased UAH1.79bn of 1-month and UAH2.0bn of 3-month CDs, at slightly higher weighted average interest rates. The 1-month interest rate rose 2bp to 20.63% and the 3-month interest rate was up 5bp to 21.24%. While the CD purchases could have been the reason for the reallocation of funds, the decline in banks' correspondent accounts could have been the result of Naftogaz's US$24m payment to Gazprom, per official reports. This amount of FX could have been purchased directly from the NBU to avoid having an impact on the FX market.

Источник: ICU

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