Ukraine's international reserves exceed $29B in August

Ukraine's international reserves exceed $29B in August

In August 2020, Ukraine's international reserves increased by 1%, up to USD 29.049 billion (in equivalent), according to the press service of the National Bank of Ukraine (NBU).

As of September 1, 2020, Ukraine's international reserves amounted to USD 29,048.7 million (in equivalent) according to preliminary data. In August, Ukraine’s reserves grew by 1% primarily due to the favorable situation on the foreign exchange market.

In general, the dynamics of reserves in August was determined by some factors. Firstly, the operations of the National Bank on the interbank foreign exchange market. In August, the supply of foreign currency exceeded demand and the National Bank managed to replenish international reserves. In total, the NBU bought USD 460.5 million in August. There were no interventions to sell currencies last month.

The second factor was government's public debt management operations. In August, the government received USD 250.5 million from the sale of domestic government bonds denominated in foreign currency. At the same time, USD 645.2 million (in equivalent) was allocated for servicing and repaying government debt in foreign currency. Of this amount, USD 496.5 million was paid on government bonds denominated in foreign currency; the rest of the sum was used for obligations to foreign creditors. In addition, in August, the government and the National Bank paid USD 204.5 million (in equivalent) to the International Monetary Fund.

As reported by Ukrinform, Ukraine’s international reserves in July 2020 grew by 1.0%, up to USD 28.802 billion.

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