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In March 2018 International Reserves Amount to USD 18.2 Billion

5 April 2018

Press Release

 

Preliminary data suggest that as of 1 April 2018, Ukraine's international reserves amounted to the equivalent of USD 18,191.2 million. In March reserves depleted by 1.2% primarily due to the Government and the NBU repayment of the public debt.

 

International reserves in March, as well as in the previous month, were primarily replenished on the account of the NBU’s FX market interventions. Prolonged excess of foreign currency supply over demand in the interbank market enabled the NBU to continue buying back the surplus currency in the market to build up reserves without hindering the hryvnia exchange rate strengthening.

 

In March, the NBU bought the total of USD 510.0 million on the interbank market of Ukraine, whereof USD 300.0 million were purchased through interventions with Request for Quotation. Besides, the NBU sold USD 134.0 million through interventions with Request for Quotation. Hence, the NBU’s net FX purchases accounted for USD 376.0 million.

 

Also, in the previous month, reserves increased by USD 669.5 million and EUR 123.3 million as a result of the Government’s sale of domestic government bonds in foreign currency.

 

At the same time, in March, the Government and the NBU delivered a series of payments to redeem the public debt exceeding the proceeds from the NBU’s FX interventions, hence causing a slight decrease in international reserves by the end of the month.

 

First, the international reserves were used to pay of USD 1,284.1 million of the public and publicly guaranteed debt in foreign currency (save repayments to the IMF), as well as USD 562.3 million on redemption of government Eurobonds and USD 678.8 million on domestic government bonds in foreign currency.

 

Second, in the previous month, the Government and the NBU repaid USD 186.0 million to the IMF.

 

Furthermore, the effect of revaluation of financial instruments (change in market value, exchange rates of hryvnia against foreign currencies) on reserves accounted for USD 43.2 million.

 

All in all, as of 1 April 2018, the amount of the international reserves covers 3.4 months of future imports and is sufficient to meet Ukraine’s obligations and execute day-to-day operations of the Government and the NBU.

 

Data on the international reserves and foreign currency liquidity are compiled and distributed on a monthly basis:

not later than the seventh day following the reporting month – preliminary data;

not later than the twenty-first day following the reporting month – revised data.


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Last modification   05.04.2018