In February 2012, the foreign exchange earnings from non-residents continued to exceed payments to non-residents, a net foreign exchange inflow totaling USD 1.8 billion (in the equivalent).
The average daily demand for foreign exchange in the cashless segment of the interbank foreign exchange market declined by 2.8 % compared with January, whereas the supply of foreign exchange rose by 2.1 %, which reduced the net demand for foreign exchange more than twice. At the same time, the demand and supply of foreign exchange in the cash segment of the market dropped by 13.1 % and 0.6 % respectively, while the net demand fell by 36.1 %.
The National Bank of Ukraine intervened in February by both purchasing and selling foreign exchange. The foreign exchange interventions showed a negative balance of USD 113.4 million (in the equivalent). The above-mentioned figure includes transactions carried out by the National Bank of Ukraine to back the payments made by the National Joint-Stock Company “Naftogaz of Ukraine” under its external contracts, which ensured timely payments for natural gas imported in January with the simultaneous maintenance of the projected hryvnia exchange rate dynamics.
As of 1 March 2012, international reserves totaled USD 31 048.6 million (in the equivalent), being sufficient to finance future imports of goods and services for 3.5 months. The National Bank of Ukraine made a debt repayment and paid charges and interests under the IMF Stand-by Facility.
Since the beginning of February, the hryvnia has strengthened against the US dollar by 0.37 % to UAH 7.9997 per USD 1 in the cashless segment of the interbank foreign exchange market of Ukraine. The market exchange rate of the hryvnia against the US dollar on cash transactions on the sale of the US dollar has firmed by 0.51 % to UAH 8.0172 per USD 1.
The official UAH/USD exchange rate has increased by 0.04 % to UAH 7.9867 per USD 1 over this period. The hryvnia has depreciated against the euro and Russian ruble by 2.59 % (to UAH 10.7453 per EUR1) and by 4.85 % (to UAH 2.7588 per RUR 10) respectively.