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Economy 2019-04-15T04:30:37+03:00
Ukrainian news
Ukraine’s International Reserves Down 2.9% To USD 17.2 Billion In August

Ukraine’s International Reserves Down 2.9% To USD 17.2 Billion In August

Ukraine’s international reserves reduced by 2.9% to USD 17.231 billion in August, compared with July.

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

According to the statement, several factors contributed to the reduction of the country’s international reserves by 2.9% in August.

The first factor was the National Bank of Ukraine’s interventions on the interbank currency market to smooth excessive fluctuations of the hryvnia’s exchange rate.

The National Bank of Ukraine sold USD 668 million during the month, including USD 311.9 million through interventions based on selling dollars at the best available price and USD 356.1 million through auctions.

USD 16.7 million was purchased in August to replenish the country’s international reserves.

The second factor was the servicing and payment of the country’s external debt.

In particular, USD 607.4 million (equivalent) was paid to the International Monetary Fund.

In addition to payments to the International Monetary Fund, the equivalent of USD 447.9 million was spent on servicing and payment of the country’s foreign-currency debt in August, including USD 389.2 million on servicing and redemption of government securities.

The third factor was the placement of government debt securities to raise funds in foreign currency.

The government placed external loan bonds for a total of USD 725 million and domestic loan bonds for USD 382.1 million and EUR 69.1 million during this period.

In addition, according to the National Bank of Ukraine, the reduction of the country’s international reserves was also influenced by the revaluation of financial instruments (change in their market value and changes in the hryvnia’s exchange rate against foreign currencies) by USD 19.9 million (equivalent).

In general, the country’s international reserves were sufficient to cover 2.9 months of future imports and sufficient for meeting Ukraine's obligations and covering the current operations of the government and the National Bank of Ukraine as of September 1, 2018.

As Ukrainian News Agency earlier reported, Ukraine’s international reserves increased by 21% to USD 18.8 billion in 2017.

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