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Ukrainian forex reserves stand unchanged at $18.4 billion in February 2018

Ukrainian forex reserves stand unchanged at $18.4 billion in February 2018

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Ukrainian forex reserves slightly shrank by 0.2% in February 2018, to $18.41 billion as of 1 March 2018, the National Bank of Ukraine (NBU) has said in a press release, Interfax-Ukraine reports.

The replenishment of forex reserves in February 2018 occurred mostly due to interventions in the foreign exchange market, the National Bank of Ukraine state. The inflow of non-resident capital, along with the increased foreign exchange income of exporters, together with the favorable situation on global markets, had a positive impact on the supply of currency in the interbank market. As the result, the National Bank could purchase additional currency from the market to replenish its reserves, without compromising the strengthening of the national currency exchange rate.

In February 2018, Ukraine’s central bank purchased a total of $426.9 million on the interbank market, including $222 million during interventions in the form of a request for the best rate. Also, the National Bank of Ukraine managed to sell $30 million during interventions in the form of requesting the best rate. Net purchase of currency by the regulator stood at $396.9 million.

Moreover, Ukraine’s reserves also received $137.4 million from the placement of government domestic loan bonds nominated in foreign currency.
Payments on public debt in foreign currency in February 2018 totaled $536.8 million. Particularly, $465.9 million was paid back to the International Monetary Fund, another $70.9 million spent on servicing and repaying the public debt in foreign currency, including $16 million for servicing government domestic loan bonds pegged to foreign currency.

The volume of reserves was also influenced by the revaluation of financial tools (change in market value, exchange rate of the hryvnia against foreign currencies) for $41.9 million.
The volume of international reserves covers 3.5 months of future imports and is enough to fulfill obligations of Ukraine and current operations of the government and the National Bank of Ukraine.
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