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Ukraine's international reserves increase by 2% in June

Source : 112 Ukraine

The growth was due to foreign exchange earnings and interventions of Ukrainian National Bank
13:54, 6 July 2021

Open source

According to preliminary data, Ukraine's international reserves amounted to 28,357.7 million dollars on July 1, 2021. In June, they increased by 2% due to foreign exchange earnings and interventions of the National Bank. This was reported by the National Bank press service.

“Foreign exchange earnings amounted to 1095 million dollars, including 726.3 million dollars from the placement of domestic government loan bonds (OVDPs),” the statement said.

It is noted that the total amount of government payments for servicing and repayment of public debt in foreign currency amounted to 995.6 million dollars. Of this amount, $ 848 million was directed to the maintenance and repayment of OVDPs, $ 80.1 million - to repay Eurobonds, and the rest - to pay back other state obligations in foreign currency.

Related: Ukraine's international reserves at $ 26.1 billion in October

In addition, the National Bank paid $ 2.3 million to the International Monetary Fund in June.

At the same time, the regulator noted that the supply of currency prevailed over demand in the foreign exchange interbank market during most of June. In particular, that was happened due to the growing interest of non-residents in OVDPs and the intensification of exporters. This allowed the National Bank to replenish reserves by $ 682.8 million. On some days of the month, the Bank sold $ 99.5 million smoothing out the excessive fluctuations of the hryvnya, which pushed the national currency downward.

In June, the National Bank's foreign currency purchase in the foreign exchange market amounted to $ 583.3 million.

“The current volume of international reserves covers 4.3 months of future imports, which is sufficient to meet Ukraine's obligations and the current operations of the government and the National Bank,” the statement said.

As it was reported earlier on June 29, the European Bank for Reconstruction and Development forecasts Ukraine's economy growth by 3.5% in 2021.

Related: National Bank keeps refinancing rate at 7,5%

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