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Ukraine central bank reserves decline 2.3% in July

Ukraine central bank reserves decline 2.3% in July

8 August 2013

Ukraine’s gross international reserves declined 2.3% (USD 526 mln) to USD 22.7 bln in July (2.5 months of future imports), according to NBU data released on August 7.

Alexander Paraschiy: The gross reserves decline was in line with our estimate. MinFin was unable to raise money from abroad in light of elevated CDSs for Ukraine and growing indications of QE3 tapering. At the same time, the government had to pay back USD 403 mln to the IMF and USD 433 mln in principle payments internally.

Since the July gross foreign reserves contraction was in line with our expectations, we are keeping our gross reserves forecast at USD 20.1 bln in 2013. Our estimate presumes that at least USD 2.0 bln of foreign cash will be raised externally by the year end.

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