Daily Insight -- Liquidity down
​This Monday, the Treasury caused a significant decline in liquidity, due to the negative balance of its operations at UAH5.26bn. After receiving over UAH14bn of funds, of which UAH4.44bn were from government authorities and companies, UAH13.3bn of which appear to be dividends from Naftogaz (UAH9bn of which were paid last week, according to Treasury data). This Monday, the Treasury paid in only UAH1.68bn in VAT refunds.
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