In Ukraine foreign exchange reserves are falling rapidly

В Украине золотовалютные резервы стремительно падают

International reserves of Ukraine as of August 1, according to preliminary data, made up of 17.75 billion, down in July by 1.3%, or 229,7 million dollars. About it reports a press-service of the National Bank.

The cause of reduction of reserves, the NBU first call payments on the public debt in foreign currency.

So, in July for the servicing and repayment of public and publicly guaranteed debt in foreign currency (excluding payments to the IMF) was sent to 321,5 million dollars. In particular, 231.6 million dollars on the servicing and repayment of government bonds denominated in foreign currency.

Also on the volume of reserves was affected by the interventions of the National Bank on the interbank currency market.

“As in June, given the predominance of demand for currency over its supply in July, the national Bank continued the sale of foreign currency on the interbank market to smooth excessive exchange rate fluctuations. Over the past month net sales of foreign currency by the National Bank amounted to 64.4 million dollars”, — stated in the message.

In particular, in the first half of July, the national Bank bought $ 99 million by way of intervention for the best prices.

In the second half he stepped up the sale of foreign currency to avoid excessive volatility in the exchange rate — at the end of the month, it sold $ 163.3 million, including through intervention in the choice of the best price — to 135.2 million dollars during auction for 28.1 million dollars.

At the same time the main source of replenishment of reserves in July remained revenues to the government from the placement of government bonds denominated in foreign currency, in the amount of 130,9 million and $ 60.5 million euros.

In addition, the volume of reserves was affected by the revaluation of financial instruments (change in market value of the U.S. dollar against other currencies and banking metals) in the amount of 45.9 million dollars.

“Overall, as of August 1, the volume of international reserves covers 3 months of future imports is sufficient to meet the obligations and current operations of the government and the National Bank”, — noted in the NBU.

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