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5.2.2 Current account dynamics
Ukraine’s current account (C/A) switched to a surplus of $205mn in August from a deficit of $378mn in the prior month mostly due to an improved trade balance, the National Bank of Ukraine (NBU) preliminarily reported on September 30.
In 8M21 the C/A deficit amounted to $0.8bn (vs. a $4.7bn surplus in 8M20).
5.2.3 Gross international reserves
Ukraine's international reserves increased to a nine-year high of $31.6bn
as of September 1, the press service of the National Bank of Ukraine (NBU) reported.
"As of September 1, 2021, Ukraine's international reserves, according to tentative data, amounted to $31.615bn," the statement said.
This is a record amount of reserves over the last nine years (a larger amount was recorded in April 2012). In August, the reserves increased by 9.2% due primarily to the receipt of funds in the amount of 1.928bn special drawing rights (SDRs) as part of the IMF's general allocation.
The dynamics of reserves during August were also determined by the National Bank's operations on the interbank foreign exchange market. For most of August, the supply of foreign currency in the interbank foreign exchange market outweighed demand, which allowed the National Bank to buy
30 UKRAINE Country Report October 2021 www.intellinews.com