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Economy 2020-08-04T04:03:54+03:00
Ukrainian news
International Reserves Up 12.4% To USD 28.5 Billion In June

International Reserves Up 12.4% To USD 28.5 Billion In June

IMF, NBU, international reserves, reserves

In June, international reserves increased by 12.4% and as of July 1, 2020 amounted to USD 28.515 billion (in equivalent).

The National Bank of Ukraine (NBU) has said this in a statement, Ukrainian News Agency reports.

The last time they were at this level in autumn 2012.

A significant increase in reserves over the past month was due to both the receipt of the first tranche under the new program with the International Monetary Fund (IMF) and related financing, and the increase in the purchase of foreign currency by the National Bank in the interbank foreign exchange market.

Ukraine received the first tranche from the IMF in the amount of 1.5 billion special drawing rights (SDR) or USD 2,076.4 million under the new Stand by program, as well as official financing from the European Union in the amount of EUR 500 million.

Besides, the government placed domestic government bonds (OVDPs), denominated in foreign currency, for EUR 353.3 million.

At the same time, USD 1,192.3 million (in equivalent) was allocated for servicing and paying off government debt in foreign currency.

The supply of currency from business on the interbank market continued to exceed demand, therefore, taking advantage of the favorable situation, the National Bank bought out excess currency and replenished international reserves.

In total, in June, the National Bank bought back USD 1,155.0 million.

No currency selling interventions were conducted.

The current volume of international reserves covers 4.8 months of future imports, which is sufficient to fulfill Ukraine’s obligations and current operations of the government and the National Bank.

As Ukrainian News Agency earlier reported, in 2019, international reserves increased by 22% and as of January 1, 2020 amounted to USD 25.3 billion (in equivalent).

According to the results of 2018, the international reserves of Ukraine increased by 10.6% and as of January 1, 2019 amounted to USD 20.8 billion (in equivalent).

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