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Economy 2019-10-19T04:01:34+03:00
Ukrainian news
Ukraine’s International Reserves Down 2.6% To USD 21.4 Billion In September

Ukraine’s International Reserves Down 2.6% To USD 21.4 Billion In September

NBU, international reserves, reserves

Ukraine’s international reserves reduced by 2.6% to USD 21.4 billion billion in September.

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

According to the statement, Ukraine’s international reserves reduced by 2.6% in September due to significant amounts of repayments on government debt.

In September, the Cabinet of Ministers and the National Bank of Ukraine spent USD 1,973.8 million on servicing and repayment of state and state-guaranteed debts in foreign currency.

Of this amount, USD 1,223.7 million was spent on servicing and redeeming Eurobonds, USD 560.9 million on meeting Ukraine’s obligations to the International Monetary Fund, and the remainder on meeting other obligations to foreign creditors and international financial organizations.

These expenses were partially offset by revenues of USD 546.9 million from placement of government bonds denominated in foreign currency.

The favorable situation on the foreign exchange market, which was due primarily by a steady inflow of non-residents' funds into hryvnia-denominated government debt and a record increase in grain yields in Ukraine, resulted in the supply of foreign currency exceeding the demand for it in September. This allowed the National Bank of Ukraine to replenish the country’s international reserves by USD 930.3 million.

In particular, USD 650.3 million was bought during interventions at a single rate and USD 280 million at the best rate.

The amount of international reserves in September is sufficient to cover 3.4 months of future imports, and Ukraine's obligations, and cover the current operations of the government and the National Bank of Ukraine.

As Ukrainian News Agency earlier reported, Ukraine’s international reserves increased by 10.6% in 2018, amounting to the equivalent of USD 20.8 billion as of January 1, 2019.

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