NBU spends USD 1.51 bln to support hryvnya in September
11 October 2012
The National Bank of Ukraine sold net USD 1.51 bln of foreign currency in September 2012 (vs. net purchases amounting to USD 0.44 bln in August). In 9M12, net NBU foregin currency interventions amounted to USD 3.61 bln, a 2.1x increase yoy.
Alexander Paraschiy: September’s intervention to support the hryvnya, although slightly below our estimate of USD 1.6 bln (refer to our news of October 8), is still a record-high amount for this year and the last 12 months. We expect the central bank will continue using its reserves to keep the hryvnya stable through yearend, which could take its reserves to USD 23.0bln (vs. USD 29.3 bln as of end-September).
