Ukraine's foreign reserves up by 3.3% in Oct

Ukraine's foreign reserves up by 3.3% in Oct

Ukrinform
International reserves as of November 1 amounted to UAH 29.65 billion, thus increasing by 3.3% in October.

That’s according to the National Bank’s press service, Ukrinform reports.

"As of November 1, 2021, Ukraine's international reserves amounted to US$29,654,2 billion. In October, they increased by 3.3% primarily due to government’s foreign exchange earnings and the purchase of foreign currency by the National Bank in the interbank foreign exchange market," the report reads.

In general, the dynamics of Ukraine’s foreign reserves in October were determined by the following factors. First, it’s public debt management operations. The government’s foreign exchange earnings amounted to $1,144,9 billion, including a EUR 588.7 million tranche from the European Commission, and $431.9 million from the placement of domestic government loan bonds. Another $911.7 million was allocated for servicing and repaying public debt in foreign currency, including $685.0 million for servicing and repayment domestic government loan bonds. In addition, in October, the National Bank paid $86.5 million to the International Monetary Fund.

Read also: Businesses downgraded their optimistic views for performance outlook – NBU

Secondly, it’s NBU’s operations in the interbank foreign exchange market. For most of October, supply in the interbank foreign exchange market outweighed demand, which allowed the central bank to buy $752.2 million to replenish reserves. At the same time, the regulator sold $49.6 million to smooth excessive devaluation fluctuations over the month. In total, in October 2021, net purchase of foreign currency by the National Bank in the interbank foreign exchange market amounted to $702.6 million. Third, it’s revaluation of financial instruments (due to the shifts in market value and exchange rates). Last month, their value increased by $98.8 million.

As Ukrinform reported earlier, as of October 1, 2021, Ukraine's international reserves stood at $28.705 billion, having dropped 9.2% throughout September.

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