Page 38 - UKRRptDec20

5.2.3​ Gross international reserves
Ukraine’s gross international reserves dropped 1.5% m/m, or $0.4bn, to $26.1bn in October after declining 8.7% m/m in September, ​the National Bank of Ukraine (NBU) reported on Nov. 6. The decline was the result of repayment on domestic and external debts, as well as the sale of foreign currency by the NBU at Ukraine’s ForEx.
The total payments of redemption and servicing of debt in foreign currency in October totalled $381mn. In particular, $213mn were channeled to the redemption and servicing of local Eurobonds, $78mn was spent on international Eurobonds servicing and the rest involved other obligations in foreign currency. At the same time, the government receipts in foreign currency totalled $188mn.
The NBU’s sale of foreign currency at Ukraine’s ForEx during October amounted to $191mn. During the month, the central bank didn’t purchase foreign currency at the market.
The NBU also reported a $1.1mn decline in the value of its securities portfolio.
As of Nov. 1, Ukraine’s gross reserves amounted to 4.4 months of imports, the NBU said.
The relatively high level of reserves is helping the NBU to get smoothly through periods of increased turbulence at Ukraine’s ForEx. In November, Ukraine will make its last 2020 payment to the IMF of around $73mn. In addition, the
38​ UKRAINE Country Report​ December 2020 ​ ​www.intellinews.com