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International Reserves Amount to USD 28.4 billion in June

International Reserves Amount to USD 28.4 billion in June

As of 1 July 2021, Ukraine’s international reserves stood at an equivalent of USD 28,357.7 million, according to preliminary data. In June, they increased by 2% due to FX inflows to the government and NBU interventions, which offset repayment of external and internal public debts.

Overall, international reserves in June were affected by the following:

  • first, transactions related to public debt management.

FX inflows to the government amounted to USD 1,095 million (in the equivalent), of which USD 726.3 million (in the equivalent) came from a placement of domestic government debt securities.   

The government spent an equivalent of USD 995.6 million on servicing and repayment of FX public debt. That includes the USD 848 million (in the equivalent) that was sent to service and repay domestic government debt securities, and the USD 80.1 million (in the equivalent) that was spent on the servicing of Eurobonds. The rest of the funds went to meet the government’s other FX commitments. 

Furthermore, in June, the NBU repaid an equivalent of USD 2.3 million to the IMF

  • second, the NBU’s interbank FX market transactions.

For most of June, supply prevailed in the FX market, in particular due to growing nonresident interest in domestic government debt securities and exports upturn providing the NBU with the means to replenish reserves by USD 682.8 million. In June, the regulator smoothed out excessive exchange rate fluctuations that shifted the domestic currency downward by selling USD 99.5 million.

Overall, the NBU’s net FX purchases in June on the interbank market accounted for USD 583.3 million.

  • third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations).

Last month, the value of these instruments decreased by USD 180.8 million (in the equivalent).

International reserves now cover 4.3 months of future imports, sufficient for Ukraine to meet its commitments, and for the government and the NBU to make their current transactions.

Data on international reserves and FX liquidity are compiled and published on a monthly basis:

  • for preliminary data, no later than on the seventh day after the reporting month ends
  • for revised data, no later than on the 21st day after the reporting month ends.

Revised data are available here.

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