Economy 2022-05-15T04:58:16+03:00
Ukrainian news
International Reserves Down By 1% To USD 28.5 Billion In February

International Reserves Down By 1% To USD 28.5 Billion In February

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National Bank, NBU, international reserves

In February, the international reserves of the National Bank of Ukraine (NBU) fell by 1% to USD 28.5 billion.

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

"As of March 1, 2021, according to preliminary data, Ukraine's international reserves amounted to USD 28.543 billion (in equivalent). In February, they decreased by 1%, primarily due to the repayment of external and internal obligations of the state, which were partially offset by foreign exchange earnings in favor of the government and interventions of the National Bank in the foreign exchange market," the statement reads.

In total, the dynamics of reserves during February was determined by the government's operations to manage the public debt.

Thus, foreign exchange earnings in favor of the government from the placement of government domestic loan bonds (OVDPs) in February amounted to USD 456.7 million.

At that, the total volume of government payments for servicing and repaying public debt in foreign currency amounted to USD 633.9 million.

Of this amount, USD 489.2 million was spent on servicing and redeeming OVDPs, USD 33.7 million - on servicing Eurobonds (OVDPs), the rest of the funds - to fulfill other government obligations in foreign currency.

Besides, in February, the government and the National Bank paid USD 213.1 million to the International Monetary Fund (IMF).

Also, the dynamics of reserves was determined by the operations of the National Bank in the interbank foreign exchange market.

In early February, supply in the foreign exchange market prevailed over demand, in particular, due to the increase in the portfolio of government bonds by non-residents, allowed the central bank to redeem USD 200 million in reserves.

Besides, international reserves in February were determined by the revaluation of financial instruments (due to changes in market value and exchange rates).

Last month, their value decreased by USD 87.5 million.

"The current volume of international reserves covers 4.6 months of future imports, which is sufficient to fulfill the obligations of Ukraine and the current operations of the government and the National Bank," the regulator emphasized.

As Ukrainian News Agency earlier reported, in January, the international reserves of the National Bank of Ukraine (NBU) fell by 1.1% to USD 28.821 billion.

In late 2020, Ukraine's international reserves grew by 15% and as of January 1, 2021, they amounted to USD 29.1 billion (in equivalent).

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