Page 40 - UKRRptFeb21

9.7% yoy growth in November). At the same time, imports of mineral products declined 33.1% yoy (vs. 36.2% yoy decline in November).
The financial account surplus jumped to USD 2.7 bln in December (vs. a deficit USD 0.8 bln in November) reflecting a net inflow of under the operations of the government sector amounting USD 2.4 bln. In particular, they included borrowing from the EU and the World Bank of USD 1.4 bln, the net inflow from international government bonds of USD 0.7 bln and the net inflow of the foreign currency from non-residents purchasing domestic Eurobonds of USD 0.4 bln.
Due to the massive inflow under the financial account, the surplus of the balance of payments in December switched to a surplus of USD 2.8 bln after being in a minor deficit in November.
5.2.3​ Gross international reserves
As of 1 February 2021, Ukraine had an equivalent of $28.821bn in international reserves, preliminary data show.
In January, international reserves declined by 1.1%, primarily due to repayments on external and domestic public debt. At the same time, the NBU’s interventions in the FX market and FX inflows to the government partially made up for the impact that public debt-servicing expenditures had on international reserves.
Overall, international reserves in January were affected by the following factors: first, government transactions to manage public debt. In total, the
40​ UKRAINE Country Report​ February 2021 ​ ​www.intellinews.com