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Ukraine’s forex reserves increase to 3.4 months of imports in 2015

Ukraine’s forex reserves increase to 3.4 months of imports in 2015

KIEV: The international reserves of the National Bank of Ukraine (NBU) in 2015 grew by 77% or UAH 5.767 billion, to $13.3 billion, which is enough to cover imports during 3.4 months, the NBU has reported on its website.

“Ukraine’s forex reserves cover imports for 3.4 months and it is enough to fulfill liabilities and current transactions of the government and the NBU,” the central bank said.

The NBU said that the financial support from the International Monetary Fund and related official financing played a decisive role in the increase of the reserves. In addition, the NBU bought foreign currency directly on the interbank market to replenish the reserves and during currency auctions introduced in September 2015.

According to the report, after a rise by $186 million in November, in December the reserves rose by another $152 million thanks to holding of currency auctions where the NBU bought $120 million and sold $28.6 million.

Some $88.7 million was received from swap transactions with Chinese yuans and $11.3 million was received by the government from the European Commission. In December, the government paid $196.4 million to service the state and guaranteed debt and $173.5 million was paid to the IMF.