International reserves "lost weight" by another 2.9%: NBU explains by smoothing exchange rate fluctuations and debt repayments
Kyiv • UNN
Ukraine's international reserves decreased by 2.9% to $37.9 billion as of July 1, 2024 due to the NBU's foreign exchange interventions, foreign currency debt payments, including payments to the IMF, partially offset by receipts from international partners and foreign currency-denominated government bonds.
Ukraine's international reserves amounted to $37.9 billion at the beginning of July, down 2.9% over the month, the National Bank of Ukraine reported on Friday, UNN reported.
Details
"As of July 1, 2024, Ukraine's international reserves, according to preliminary data, amounted to USD 37,894.2 million. US DOLLARS. In June, they decreased by 2.9%," the NBU said.
The NBU explained this dynamics by "the NBU's foreign exchange interventions to cover the structural deficit of foreign currency in the market and smooth out exchange rate fluctuations, as well as the country's debt payments in foreign currency." At the same time, they pointed out that these operations were partially offset by proceeds from international partners and from the placement of foreign currency domestic government bonds (foreign currency government bonds).
"Thus, the NBU's net sale of foreign currency in June amounted to USD 2,994.6 million, down 2.7% compared to May," the regulator said.
As indicated, USD 444.5 million was paid for servicing and repaying the public debt in foreign currency. In addition, Ukraine paid USD 247.6 million to the International Monetary Fund.
At the same time, the government's foreign currency accounts at the NBU received USD 2.43 billion.
The current volume of international reserves provides funding for 4.9 months of future imports, the NBU said.
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