Economy 2021-01-22T04:02:28+02:00
Ukrainian news
International Reserves Rise To 8-Year High By 15% To USD 29.1 Billion In 2020

International Reserves Rise To 8-Year High By 15% To USD 29.1 Billion In 2020

international reserves, reserves, National Bank of Ukraine

At the end of 2020, Ukraine's international reserves increased by 15% and as of January 1, 2021, they amounted to USD 29.1 billion (in equivalent).

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

This amount of reserves is a record over the past eight years (the last time a volume larger from the above was recorded in September 2012), and also corresponds to the forecast of the National Bank.

The volume of net purchases of foreign exchange for the year in the interbank foreign exchange market exceeded USD 1 billion.

In 2020, the volume of payments for servicing and repayment of government and government-guaranteed debt amounted to USD 10.4 billion in equivalent and was almost identical to the amount of government receipts (USD 10.3 billion).

The increase in the volume of international reserves in 2020 was also influenced by the increase in the value of financial instruments (due to changes in market value and exchange rates) by USD 2.3 billion.

In December 2020, Ukraine's international reserves grew by almost USD 3 billion.

This is due to the significant level of receipts in favor of the government, as well as the positive balance of NBU operations in the interbank foreign exchange market.

In particular, USD 1 billion (in equivalent) came from the placement of government domestic loan bonds (OVDPs) and USD 670.2 million from the placement of Eurobonds.

At that, the total volume of payments for servicing and repaying public debt in foreign currency amounted to USD 478.3 million (equivalent).

In the first half of December, there was an excess supply of foreign currency on the market due to the activation of non-residents at OVDP auctions.

During this period, the National Bank bought out USD 378.6 million in reserves.

In the second half of the month, the demand for foreign currency increased, in particular due to the intensification of budget payments.

To smooth out devaluation fluctuations, the National Bank carried out several interventions to sell foreign currency in the amount of USD 89.4 million.

So, the net volume of foreign currency purchases by the central bank in the interbank foreign exchange market in December amounted to USD 289.2 million.

The current volume of international reserves covers 4.8 months of future projected imports and is sufficient to meet the obligations of Ukraine and the 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).

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

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