NBU reserves grow 8.3% mom in July

The National Bank of Ukraine said yesterday that its gold and foreign currency reserves increased 8.3% mom but decreased 21.8% yoy in July to USD 29.6 bln. Andrii Parkhomenko: The increase in reserves corresponds to Ukraine’s receipt of the USD 3.3 bln third tranche of the IMF loan, less USD 1.1 bln in expenses on currency intervention. However, the National Bank will not be able to use the money that came from the IMF, as the entire tranche will be directed into the state budget, namely to cover Ukraine’s external obligations.