NBU reserves expand 4.1% mom in March

The National Bank of Ukraine reported yesterday that its gold and foreign currency reserves rose 4.1% mom to USD 25.1 bln as of end-March. In March, for the first time since August 2008, NBU bought dollars on the interbank FX market (USD 1 bln), keeping the hryvnya from appreciating, building up its reserves and injecting hryvnyas into economy. Since the beginning of the year, the NBU’s reserves are down 5.2%, from USD 26.5 bln as of end-2009.