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Economy 2019-03-15T05:21:30+02:00
Ukrainian news
NBU's International Reserves Up 3% To USD 17.6 Billion In May

NBU's International Reserves Up 3% To USD 17.6 Billion In May

The international reserves of the National Bank of Ukraine increased by 3% to USD 17.618 billion in May, compared with April.

The press service of the National Bank of Ukraine announced this in a statement, Ukrainian News Agency reports.

The National Bank of Ukraine's international reserves increased by 14% in the first five months of this year, including an increase of 3% in May.

As in the previous months, the increase of the National Bank of Ukraine's international reserves in May was mainly due to a favorable situation for Ukrainian exports on world commodity markets, which allowed the National Bank of Ukraine to purchase foreign currency and simultaneously not counteract the tendency for the national currency to strengthen.

Thanks to this, the National Bank of Ukraine's net foreign-currency purchases amounted to USD 521.2 million in May.

In particular, the National Bank of Ukraine bought USD 525.2 million on the interbank currency market (of which USD 266 million through interventions in the form of requests for the best rate) during May.

At the same time, the National Bank of Ukraine sold USD 4 million through interventions in the form of requests for the best rate.

No foreign-currency auction was held in May.

The increase of the National Bank of Ukraine's international reserves last month was also facilitated by the USD 38.1 million that the government generated from the placement of domestic government loan bonds denominated in foreign currency, as well as the reception of EUR 8 million from the European Commission.

At the same time, funds from the international reserves were used to service and repay the government's foreign-currency debt in May.

USD 158.6 million was used for these purposes (in addition to payments to the IMF), of which USD 18.5 million was used to service foreign bonds and USD 82.5 million to service and repay domestic loan bonds.

In addition, USD 71.8 million was used to finance the government's and the National Bank of Ukraine's payments to the International Monetary Fund.

As Ukrainian News earlier reported, the volume of Ukraine's international reserves is sufficient to cover 3.7 months of future imports and sufficient to meet the country's obligations and finance the current operations of the government and the National Bank of Ukraine.

As Ukrainian News Agency earlier reported, the international reserves of the National Bank of Ukraine increased by 17% to USD 15.5 billion in 2016.

The National Bank of Ukraine expects its international reserves to increase to USD 20.8 billion at the end of the year.

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