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Ukraine's intl reserves amount to $17.617 bn % in May - National Bank

Ukraine's intl reserves amount to $17.617 bn % in May - National BankUkraine's international reserves at the beginning of June amounted to $17.617 billion, which is 3% more than a month earlier, the relevant preliminary data have been posted on the website of the National Bank of Ukraine (NBU).

According to the central bank, the growth in reserves in May, as in the previous months, was mainly due to a favorable situation for domestic exports in the world commodity markets, which allowed the NBU to buy currency in the interbank foreign exchange market without opposing the tendency to strengthen the hryvnia.

In particular, the net purchase of currency in May was $521.2 million, in particular through interventions with the request for a better rate the NBU purchased $266 million and sold $4 million. Auctions for the sale of currency were not conducted in May.

In addition, the increase in reserves last month was facilitated by the receipt of $38.1 million due to the Ministry of Finance's placing government domestic loan bonds nominated in foreign currency and EUR8 million from the European Commission.

According to the NBU, the level of reserves as of June 1 covers 3.7 months of future imports and is sufficient to fulfill the obligations of Ukraine and the current operations of the government and the National Bank.
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