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amounted to $188mn in July.
The NBU also reported a $157mn increase in the value of its securities portfolio.
As of August 1, Ukraine’s gross reserves amounted to 4.1 months of imports, the NBU said.
The growth of Ukraine’s international reserves in July exceeded our expectations, as an additional placement of international Eurobonds was quite a surprise. The improvement of the situation at Ukraine’s Forex in the second half of the month prompted the NBU to renew the purchase of the foreign currency.
The expected payment of around $2.7bn from the IMF in the form of an SDR allocation will result in a surge of Ukraine’s gross international reserves in August. Meanwhile, the major foreign currency outlay is the repayment to the IMF of around $205mn. We expect Ukraine’s international reserves to increase 8-9% in August.
5.3 FDI
New foreign direct investment in Ukraine was $1.9bn in 2017, the State Statistics Service said. About one quarter, or $506mn, was from Cyprus, presumably offshore Ukrainian or Russian money. The next four sources were: Russia -- $396mn; the Netherlands -- $262mn; Britain -- $212mn; and Germany -- $119mn.
41 UKRAINE Country Report September 2021 www.intellinews.com