Preliminary data suggests that as of 1 February 2017, Ukraine's international reserves amounted to the equivalent of USD 15.445 billion.
International reserves have declined by 0.6% on the month due to seasonal factors that were at play in the interbank FX market and the need to make public debt service payments.
In January 2017, Ukraine's international reserve dynamics were determined by two factors:
First, changes in the amount of international reserves were attributed to the NBU’s foreign exchange interventions conducted in the interbank FX market. During January 2017, the NBU intervened in the market to smooth out excessive exchange rate fluctuations. However, despite favorable fundamental factors, the depreciation pressure on the hryvnia gained in strength in early 2017. Therefore, the NBU sold a total of USD 235.8 million through FX interventions, including USD 3.0 million sold through FX interventions conducted in the form of best quotation, to smooth out excessive exchange rate volatility. Meanwhile, a total of USD 157.8 million was purchased by the NBU through interventions, including USD 11.0 million purchased through FX interventions conducted in the form of best quotation.
Second, the Government’s payments related to the repayment and servicing of the public and publicly guaranteed debt denominated in foreign exchange in the amount of USD 138 million, including USD 42.3 in interest payments on government bonds, were financed from international reserves.
Currently, the amount of Ukraine’s international reserves is sufficient to cover 3.4 months of future imports and enable the Government and the NBU to settle their foreign debt obligations and current operations.
Data on international reserves and foreign currency liquidity are compiled and disseminated 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.