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According to Sologub, next year the central bank predicts a return to a deficit in the range of 2-3% of GDP. "This is a normal trend. Ukraine is a small open economy that is catching up with other countries. The economy is recovering, and the current account is returning to a deficit," he said.
5.2.3​ Gross international reserves
Ukraine’s gross international reserves increased 0.9% m/m, or $0.246bn, to $29.0bn in August​ after growing 1.0% m/m in July, the National Bank of Ukraine (NBU) reported on September 8. The increase was mostly the result of NBU ForEx market interventions.
The NBU did not sell foreign currency at Ukraine’s ForEx market during the month, while its purchases of foreign currency at the market amounted to $461mn.
The redemption and servicing of the state debt in foreign currency during the month required $645mn. In particular, outlays related to the redemption and servicing of local Eurobonds amounted to $497mn, while the rest of outlays were related to the IMF. At the same time, the receipts from the placement of local Eurobonds during the month amounted to $251mn.
The NBU also reported a $385mn rise in the value of its securities portfolio.
As of September 1, Ukraine’s gross reserves amounted to 4.8 months of imports, the NBU said.
35​ UKRAINE Country Report​ October 2020 ​ ​www.intellinews.com