Foreign exchange reserves of the NBU “lose weight” for the fourth consecutive month
Foreign exchange reserves of the NBU “lose weight” for the fourth consecutive month
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During the month the reserves fell by 1.2%.
At the end of March international reserves of the national Bank, according to preliminary data, amounted to 18 billion 191,2 million dollars. This is 1.2% less than it was at the end of February. Reserves “lose weight” for the fourth consecutive month , mostly in connection with the payments of the government and the NBU on the national debt.
Replenishment of international reserves during March as in the previous month was primarily due to control interventions on the interbank currency market. Long-term excess of currency supply over demand in the interbank market, the NBU has provided an opportunity to continue to redeem excess currency from the market to build up reserves without impeding the strengthening of the hryvnia exchange rate.
At the end of March, the national Bank purchased on the interbank market of 510 million dollars, including $ 300 million for interventions in the form of a request a better rate. The regulator sold $ 134 million and net purchase of foreign currency amounted to 376 million dollars.
Proceeds from the placement of bonds of internal state loan amounted to 669,5 million and $ 123,3 million euros.
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However, the debts had to give much more than was the March receipts of foreign exchange reserves. In particular, 1 billion 284,1 million dollars sent to repay and service public and publicly guaranteed debt in foreign currency. Another 186 million dollars he gave to the International monetary Fund.
The volume of reserves was affected by the revaluation of financial instruments (change in market value of the hryvnia to foreign currencies) amounting to 43.2 million dollars.
The NBU says that the volume of international reserves cover 3.4 months of the future import and is sufficient to meet the liabilities and current operations of the government and the National Bank.
Recall, the national Bank predicts growth of reserves at the end of 2018 to 20.5 billion dollars. However, in 2019 they “lose weight” – because Ukraine will need to pay a significant debt.
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