Ukraine gross foreign reserves fall 5.9% m/m in July

Ukraine gross foreign reserves fall 5.9% m/m in July



8 серпня 2014 года
Конкорд Капитал

Ukraine’s gross international reserves fell USD 1.01 bln in July to USD 16.07 bln (2.4 months of future imports), the National Bank of Ukraine (NBU) reported on Aug. 7. The only factor was USD 1.18 bln in external redemptions, including a USD 648 mln payment to the IMF. Year-to-date, reserves fell USD 4.35 bln, or 21%.



Alexander Paraschiy: We anticipated gross reserves to be flat m/m in July based on a USD 1.4 bln wire from the IMF that we projected to be the main source of gross reserves replenishment. However, the IMF decided to postpone its second tranche by one month, for late August, as it reviewed the results of its first tranche to Ukraine longer than initially planned and Ukraine has had to correct its fiscal parameters much more than it initially agreed.



With Ukraine’s budget revenue and spending plans having been recently corrected and a positive decision by the IMF executive board expected this month, we anticipate gross reserves to increase by at least USD 1.0 bln in August. We project gross reserves increasing to USD 20.5 bln (3.0 months of imports) by the year end.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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