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5.2.2​ Current account dynamics
Ukraine reported a current account (C/A) surplus of $1.4bn in May, declining from a $1.9bn surplus in April​, the National Bank of Ukraine (NBU) reported on June 30.
Strong food exports and plummeting oil and gas import prices pushed Ukraine into a current account surplus in April​, reports the National Bank of Ukraine. The surplus of $1.4bn was a switch from a deficit of $292mn in March. For the first four months of this year, the current account surplus was $1.8bn, compared to a deficit of $242mn during the same period last year. Alfa-Bank Ukraine reports that since the start of this year, gas prices are down 71%, and oil prices are down 43%.
5.2.3​ Gross international reserves
Ukraine’s gross international reserves declined 1.3% m/m to $25.4bn in May ​after ​increasing 3.1% m/m in April​, the National Bank of Ukraine (NBU) reported on June 5. The decline was mostly due to significant redemptions of state foreign debt. In May, the redemption and servicing of foreign currency debt required $1.5bn (in the equivalent). In particular, the redemption and servicing of international and local Eurobonds amounted to $1,009mn and $338mn, respectively.
The rest of the payments involved obligations to the IMF and other international creditors and financial institutions. These outlays were partially compensated by receipts of $419mn, including the placement of local
40​ UKRAINE Country Report​ July 2020 ​ ​www.intellinews.com