The National Bank's FX Reserves Up 2.8% In May.
6 June 2008
The National Bank’s (NBU) gold and foreign currency reserves grew by 2.8% and totaled USD 17.7 bln as of May 31. Since the start of the year the NBU’s reserves have shrunk 9%. Concorde Capital: During January-April the NBU sold ~USD 2.1 bln of its reserves to meet the rising demand for foreign currency caused mainly by the rapidly widening negative trade balance and approaching Rada elections. In May, the FX supply allowed NBU to replenish its reserves by buying out USD 280 mln of the excessive FX supply. We expect the NBU’s gold & FX reserves to be around USD 14-15 bln at the end of 2006.
