Ukraine international reserves grew by 1.3% m/m in February

By bne IntelliNews March 9, 2020

Ukraine's international reserves increased by 1.3% month on month, or by $330mn, to $26.623bn in February, according to the website of the National Bank of Ukraine (NBU).

The increase was attributed mainly to the preservation of "the favourable situation" in the foreign exchange market. Specifically, the NBU bought in the interbank foreign exchange market $734mn. At the same time, the regulator sold $45mn to smooth out excessive fluctuations in the hryvnia exchange rate.

Meanwhile, almost $770mn was allocated for servicing and repaying public debt in foreign currency, specifically, $417mn was paid on government domestic loan bonds, $34mn on Eurobonds, and $214mn on obligations of the government and NBU to the International Monetary Fund (IMF).

The current level of reserves is the highest since November 2012. In January, the result was attributed to both the successful placement of Eurobonds by the government and the National Bank's reserve management and foreign exchange market operations. Specifically, the government issed Eurobonds worth €1.25bn at the end of January.

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