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Economy 2019-09-23T04:02:04+03:00
Ukrainian news
Foreign Reserves Up 0.8% To USD 22 Billion In August

Foreign Reserves Up 0.8% To USD 22 Billion In August

In August, foreign reserves increased by 0.8% to USD 22 billion.

The NBU has said this in a statement, Ukrainian News Agency reports.

As of September 1, 2019, Ukraine's foreign reserves, according to preliminary data, made USD 22,015 million (equivalent).

It is noted that during the month the reserves remained almost unchanged due to the fact that the NBU's net purchase of currency in the interbank market compensated for losses on repayment and servicing of public debt.

The dynamics of reserves during the month was determined by the following factors:

Firstly, the favorable situation in the foreign exchange market remained as a result of a positive pricing environment for Ukrainian exports, a high grain yield and moderate imports, despite the weakening influx of foreign investment in government securities.

These factors caused the excess of currency supply over demand and allowed the National Bank to replenish international reserves by USD 299.4 million.

In particular, USD 177 million was bought during the interventions to select the best rate and USD 139.2 million at a single rate.

At that, to smooth out excessive fluctuations in the direction of the weakening of the national currency during the month, a currency intervention was conducted to sell foreign currency in the amount of USD 16.8 million.

Secondly, the dynamics of reserves was determined by operations on public debt management.

In total, over the past month, the government and the NBU paid USD 257.5 million for servicing and paying off the state and state-guaranteed debt in foreign currency.

Of this amount, USD 89.7 million was paid for obligations to the International Monetary Fund, USD 33.7 million was allocated for servicing Eurobonds (OVDPs) and USD 23 million was allocated for servicing government domestic loan bonds (OVDPs), the remaining funds were for other obligations to foreign creditors and international financial organizations.

Thirdly, revaluation of financial instruments (change in market value and hryvnia exchange rate to foreign currencies).

Last month, their value increased by USD 132.9 million.

As of September 1, 2019, the volume of international reserves covers three and a half months of future imports, which is sufficient to fulfill the obligations of Ukraine and the current operations of the government and the NBU.

As Ukrainian News Agency earlier reported, in 2018, net reserves increased by 44.6% from USD 6.672 billion.

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