Daily Insight -- Liquidity up on VAT refund
​This Monday, banks continued to reallocate funds from CDs to accounts with the NBU as it offsets outflows and accumulates additional funds. As a result, total CDs outstanding declined UAH1.70bn to UAH47.96bn while banks' correspondent accounts with the NBU rose UAH3.21bn to UAH48.75bn. Banking sector liquidity was up UAH1.51bn to UAH96.72bn. Treasury transactions caused the increase. While the absorption of funds via revenues significantly declined, the impact of the UAH1.50bn VAT refund pushed non-monetary operations to UAH1.51bn, including UAH0.71bn of net impact from the Treasury.
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