Ukraine's forex reserves up to $37.3 bln in May

KYIV. June 6 (Interfax-Ukraine) – As of June 1, 2023, Ukraine’s international reserves, according to preliminary data, amounted to $37.311 billion, having increased by 4% or $1.358 billion in May, and updated the 11-year high, the National Bank of Ukraine (NBU) said on Tuesday.

“The international reserves increased thanks to steady and rhythmic receipts from international partners, which exceeded the net sale of foreign currency by the National Bank and the country’s debt payments in foreign currency,” the central bank said.

According to its data, net international reserves for May increased by $1.534 billion, or 6.4%, to $25.39 billion.

The National Bank clarified that in May, $4.32 billion was received on the government’s foreign currency accounts with the NBU, including $1.62 billion – macro-financial assistance from the EU, $1.25 billion – a grant from the United States through the World Bank trust fund, $1.07 billion – from the placement of foreign currency government bonds and $380 million from the World Bank.

The government paid $840 million for servicing and paying off the state debt in foreign currency, of which $740 million for government bonds, $300 million for the debt to the World Bank, and another $200 million was paid to the International Monetary Fund.

In addition, in May, the National Bank sold $1.96 billion on the foreign exchange market and bought $60 million into reserves. Thus, its net sales last month increased to $1.90 billion from $1.37 billion in April.

“This happened against the backdrop of the exhaustion of the seasonal factor (an increase in the sale of foreign currency by farmers for sowing), as well as difficulties with food exports to neighboring countries and because of the” grain corridor.” At the same time, revenues from international partners were noticeably larger than the volumes of NBU interventions to sell foreign currency, which were carried out to cover the difference between supply and demand in the foreign exchange market of Ukraine,” the regulator said.

It added that in May, also due to revaluation, the value of financial instruments decreased by $26.8 million.

“The current volume of international reserves provides financing for 4.9 months of future imports,” the release states.

According to information on the NBU website, as of June 1, in the structure of reserves in terms of currencies, the dollar accounted for $32.1 billion, the euro – $2.22 billion, gold – $1.70 billion, the pound and the yen – $350 million each and the yuan – $560 million.

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