Ukraine foreign reserves rise 26.8% m/m in May

Ukraine foreign reserves rise 26.8% m/m in May



4 червня 2014 года
Конкорд Капитал

Ukraine’s gross international reserves rose USD 3.8 bln to USD 18.0 bln (2.4 months of future imports), Prime Minister Arseniy Yatsenyuk announced on June 3.



Alexander Paraschiy: As expected, the USD 3.2 bln wire from the IMF, USD 1.0 bln Eurobonds placement and the first wires from the EU grew the nation’s gross reserves. We don’t expect any further fast expansion of gross reserves in light of approaching gas payment arrears (USD 2.2 bln for 4Q13 and 1Q14), significant redemptions to the IMF (USD 1.4 bln from June till December), USD 1.0 bln Eurobonds repayment in June and USD 1.6 bln redemption on Naftogaz debt in September.



Nevertheless, if the authorities stick to their committed reforms, we will see an extra USD 4.2 bln from the IMF and nearly USD 5.1 bln from other donors till the year end. Against this backdrop, we are keeping our gross reserves forecast at USD 22.3 bln (3.0 months of imports) by the end of 2014.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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