NBU intervention to support hryvnya equals USD 1.5 bln in June
13 July 2011
The National Bank of Ukraine’s net interventions to support the hryvnya from depreciation in June totaled USD 1.5 bln, while gross US dollar sales reached USD 2.1 bln (70% more than in May), the central bank reported this last week. International reserves declined by 0.9% m-o-m to USD 37.6 bln as of end-June. Svetlana Rekrut: Thanks to the support, the UAH lost only 0.02% during June as depreciation pressure in recent months has stemmed from the widening current account deficit and rising demand for cash USD (net purchases in June were up to USD 1.2 bln vs. USD 0.9 bln in May). We expect currency inflow through the capital and financial account to offset the current account outflow and the NBU to continue supporting national currency in the months to come.
