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International reserves increase 4.6% to USD 30.9 bln in July

International reserves increase 4.6% to USD 30.9 bln in July

9 August 2010

The National Bank of Ukraine’s international reserves went up 4.6% in July (+16.5% YTD) to USD 30.9 bln as the NBU bought USD 817 mln in excessive FX supply on the domestic forex interbank market (during March-July, the NBU bought a total of USD 5 bln on the domestic market). Mykyta Mykhaylychenko: Foreign exchange supply on the domestic market has been boosted this year thanks to an improving BoP, which saw a double surplus in 1H10 of USD 472 mln and USD 4 bln for the current and financial accounts, respectively. Currently, the NBU’s international reserves cover 80% of Ukraine’s total external debt maturing within one year. A further boost to international reserves will come from the recently signed new USD 15 bln standby facility with the International Monetary Fund. We see rising NBU reserves and renewed cooperation with the IMF keeping UAH forex risks muted in the months ahead.

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