Page 26 - UKRRptFeb20

The Rada approves the new EU agreement increasing poultry export quotas.​ Ukraine ranks third among poultry exporters to the EU, behind Thailand and Brazil. In 2018, Ukraine exported 51,000 tons of poultry products to the EU or 7.6% of the total EU meat imports of poultry.
5.2.3​ Gross international reserves
Ukraine gross reserves reach seven-year high in 2019​. ​Ukraine’s gross international reserves increased 22% y/y to $25.3bn in 2019, the National Bank of Ukraine (NBU) reported on January 8. The reserves reached a seven-year maximum due to the favorable situation on the currency market secured by accelerated economic growth and a consistent inflow of foreign capital to Ukraine.
The NBU noted that foreign currency supply exceeded demand during the year. High supply was secured by Ukrainian exporters, mostly agricultural ones, and by foreign investors who sold $4.3bn for purchasing UAH-denominated local bonds. The supply was also supported by external financing taken on by state and private companies. At the same time, the importers’ demand for foreign currency was moderate mostly due to declining global prices for energy resources. The volume of repatriated dividends also dropped.
During the year, the central bank replenished the reserves by purchasing excess foreign currency on the market without interfering with the market trend of hryvnia appreciation. In 2019, net purchases of foreign currency by the NBU reached $7.9bn, which is the highest for the last 14 years.
As of January 1, Ukraine’s gross reserves amounted to 3.9 months of imports, the NBU said.
26​ UKRAINE Country Report​ February 2020 ​ ​www.intellinews.com