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5.2.3​ Gross international reserves
Ukraine’s gross international reserves jumped 12.4% m/m (or by $3.1bn) to $28.5bn in June ​after declining 1.3% m/m in May, the National Bank of Ukraine (NBU) reported on July 7. The surge was the result of the release of the first tranche of an 18-month Stand-by Arrangement loan program with the IMF and the purchase of foreign currency by the NBU at Ukraine’s Forex.
The first ​IMF tranche amounted to $2.1bn​, which was enhanced by connected lending from the European Union of €0.5bn. The government also drew $353mn from the placement of local Eurobonds during the month.
At the same time, $1,074mn in local Eurobonds and $76mn in international Eurobonds were redeemed and serviced. The rest of the payments, or $85mn, involved obligations to the IMF and other international creditors and financial institutions.
The NBU did not sell foreign currency at Ukraine’s Forex market during the month, while its purchase of foreign currency at the market amounted to $1,155mn. The NBU also reported a $153mn rise in the value of its securities portfolio.
As of July 1, Ukraine’s gross reserves amounted to 4.8 months of imports, the NBU said.
38​ UKRAINE Country Report​ August 2020 ​ ​www.intellinews.com