The volume of the Ukrainian foreign reserves has been growing the fourth consecutive month, according to the National Bank of Ukraine.
Ukraine`s international reserves in August 2016 increased by 0.15%, or $21 million, up to $14.103 billion, according to preliminary data, the central bank reported on its website, adding that the growth has been reported for the fourth month in a row.
Over the last 12 months, the reserves hiked by 12%, the statement reads.
The NBU said that the growth is offset by a number of factors.
Primarily, in August 2016, after a long period of purchase of foreign currency, the National Bank held only one such auction due to the lack of its excess supply and resumed currency sale auctions, in order to smooth out the excessive volatility of the hryvnia exchange rate in the last weeks of the month. As a result, net sales of foreign currency by the National Bank over the last month amounted to $13.4 million.
Secondly, $305.8 million has been allocated for government payments for servicing and repayment of public and publicly guaranteed debt in foreign currency.
Third, in August, the government and the National Bank paid $54 million for servicing the debt to the International Monetary Fund.
”Over the last month, the volume of international reserves of Ukraine covers 3.6 months of imports and is sufficient to fulfill commitments, current operations of the government and the National Bank,” said the regulator.
As UNIAN reported earlier, the international reserves of the National Bank of Ukraine in June 2016 increased by 3.3%, or by $445 million, up to $13.982 billion.
In late July, the NBU reported on the deterioration of the forecast of reserves growth at the end of 2016 from $18.7 billion to $17.2 billion due to the delay of the tranche of the International Monetary Fund.
In 2015, the foreign exchange reserves of Ukraine increased by 77%, or by $5.767 billion – up to $13.3 billion.