Reserves of Ukraine exceeded $22 billion

Резервы Украины превысили $22 млрд

NBU in August joined the reserves at $299,4 million

The net purchase by the national Bank on the interbank currency market offset the costs of repayment and debt service.

As of September 1, Ukraine’s international reserves increased by almost $300 million and exceeded $22 billion this was reported on the website of the national Bank on Friday, September 6.

“According to preliminary data, the reserves amounted to 22 015,0 million US dollars (equivalent). For a month they have not changed due to the fact that the net purchase of National Bank currency on the interbank market offset the cost of repayment and servicing of public debt”, – stated in the message.

The national Bank noted that the dynamics of reserves during the month was determined by three factors. The first is the favorable situation on the currency market, due to positive pricing environment for Ukrainian exports, high grain yield and moderate imports despite the weakening of the inflow of foreign investment in government bonds.

“These factors led to the excess supply of foreign currency over demand and gave the National Bank to replenish international reserves of $299,4 million In particular, $177 million was purchased during intervention for the best rate and $139.2 million – at a uniform rate. At the same time to smooth excessive fluctuations in the weakening of the national currency during the month was conducted currency intervention by selling foreign currency in the amount of $16.8 million,” – noted in the NBU.

Over the past month, the government and the national Bank paid for the servicing and repayment of public and publicly guaranteed debt in foreign currency $257,5 million of this amount, $89.7 million was paid for liabilities to the IMF, $33.7 million invested in maintenance and Eurobonds (bonds) and $23 million for maintenance of domestic bonds Treasury bonds (t-bills), the remaining funds on other obligations to foreign creditors and international financial organizations.

“As of September 1 the volume of international reserves cover 3.5 months of future imports, that is sufficient for execution of obligations of Ukraine and the current operations of the government and the National Bank”, – concluded the NBU.

Earlier, the national Bank assessed the impact of large debt payments on the hryvnia. It was reported that this week the Ministry of Finance of Ukraine for one day repaid a debt of $1 billion.

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