Ukraine gross foreign reserves increase 1.1% in July

Ukraine gross foreign reserves increase 1.1% in July



6 серпня 2015 года
Конкорд Капитал

Ukraine’s gross international reserves increased USD 111 mln (+1.1% m/m) in July to USD 10.4 bln, the National Bank of Ukraine (NBU) reported on August 5. The loan from the EU (EUR 600 mln), USD-denominated state bonds placement (USD 205 mln) and NBU purchases of foreign currency on the market (USD 89 mln) were the key factors which secured the increase in gross reserves. The major part of that foreign currency inflow was spent on debt servicing and redemptions, including USD 307 mln on USD-denominated state bonds and a USD 219 mln repayment to the IMF.

Alexander Paraschiy: There is no surprise regarding the NBU reserves in July, as their inflow and outflow were quite clear and predictable. The IMF wire was delayed, current accounts are almost balanced and capital accounts were supported with the first wire under the third Macro-Financial Loan from EU. Importantly, the NBU has made its reserves much more predictable as it has stopped direct sales of hard currency from the reserves to the state-run gas monopoly Naftogaz.

In August, we forecast that gross international reserves will jump to USD 12 bln on the backdrop of the USD 1.7 bln IMF wire. Further developments will depend on progress in debt operation. Assuming Ukraine pays back all debts while preserving IMF support, we should see gross international reserves near USD 11.5 bln (3 months of future imports) by the end of the year. Successful debt operation will boost this number by an additional USD 4.2 bln.

Источник: Конкорд Капитал

Другая макроэкономика от Конкорд Капитал


Компании

все компании