Analyst: “Unfortunately, this means there will be massive hryvnia injections in the upcoming weeks with a subsequent surge in depreciation pressure on the national currency.”
KYIV, Dec 5, 2017 - Ukraine's treasury residuals grew 11.4% m/m to UAH 54.1 bln as of Dec. 1, Concorde Capital informed clients based on a State Treasury report on that day. The Dec. 1 figure marks the highest it's ever been at that particular date, though the highest historical level was at the start of September 2017 (at UAH 63.2 bln). Concorde analyst Alexander Paraschiy added: “Such large cash residuals at the end of the year are very bad news for the hryvnia's prospects. We anticipated cash accumulations would drop by December to ease pressure from the boosted fiscal spending that is traditional for the year end. Instead cash accumulations only increased. Unfortunately, this means there will be massive hryvnia injections in the upcoming weeks with a subsequent surge in depreciation pressure on the national currency. ### For more information, link here: www.concorde.ua
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