Ukraine international reserves grew by 2.5% m/m in November

Ukraine international reserves grew by 2.5% m/m in November
Ukraine's international reserves increased by 2.5% month-on-month to $21.9bn in November after the National Bank of Ukraine was able to add nearly $1bn
By bne IntelliNews December 9, 2019

Ukraine's international reserves increased by 2.5% month-on-month to $21.9bn in November following a 0.2% m/m drop in October, according to the National Bank of Ukraine (NBU).

The result was mainly attributed to "a favourable situation" in the country's foreign exchange market: currency supply in the market remained significantly greater than demand due to substantial sales of foreign currency by exporters, which allowed the NBU to replenish international reserves by $898mn on the net basis.

At the same time, the NBU did not carry out any interventions on the sale of currency in November.

As of early November, Kyiv's international reserves covered 3.4 months of Ukraine’s imports and "were sufficient for Ukraine to meet its obligations and for the government and the NBU to conduct their current transactions", according to the regulator.

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