Preliminary data suggests that as of 1 September 2016, Ukraine's international reserves amounted to the equivalent of USD 14,103 million. Over the past 12 months, international reserves have expanded by 12%, although their growth rates have moderated in the past two months.
In August 2016, USD 368.3 million in proceeds raised by the Government from the placement of domestic sovereign bonds denominated in foreign currency contributed to the increase in international reserves.
These proceeds were offset by a number of factors.
First, in August, following a sustained period of FX purchases, the NBU held only one FX purchase auction given the absence of FX oversupply and resumed FX sales auctions to smooth excessive exchange rate volatility observed in the last weeks of the month. As a result, the NBU's net FX sales in the interbank market amounted to USD 13.4 million in August.
Second, the Government spent USD 305.8 million on the repayment and servicing of public and publicly guaranteed debt denominated in foreign currency (excluding repayments due to the IMF). In particular, the Government paid off a total of USD 252.6 million in principal and interest payments on sovereign bonds.
Third, in August, the Government and the NBU repaid SDR 38.3 million (USD 54.0 million) due to the IMF.
Currently, the amount of Ukraine’s international reserves is sufficient to cover 3.6 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.