Ukraine has begun to spend reserves of the NBU

By 1 August 2017, the international reserves (foreign exchange reserves, gold reserves) of Ukraine amounted to 17.8 billion dollars. This was reported by the press service of the National Bank of Ukraine (NBU).

Thus, from the beginning of the year reserves increased by 15%, including through the purchase of national Bank currency on the interbank market in the amount of 29.8 million dollars.

At the same time, in early July, international reserves were above – 17,97 billion. Decrease in reserves due to payments on external obligations of Ukraine.

For example, on August 4, Ukraine paid the International monetary Fund (IMF) $ 450 million under the program stand by from 2014. The previous two years Kiev did not make debt payments — acted a grace period.

The current amount of gold reserves cover of 3.7 months of future imports is sufficient to meet the liabilities and current operations of the government and the National Bank, assured the financial regulator.

Recall, for 2016 Ukraine’s international reserves grew by $ 2.2 billion, or 17%. At the same time, the volume of international reserves at the end of 2016 appeared below the official forecast of the NBU.

The forecast was based on assumption of successful completion of the third review of the EFF in 2016. In this baseline scenario, the NBU is expected that the fourth tranche from the IMF in the amount of 1.3 billion dollars will go to the end of last year. In this case, and in the case of income of 600 million euros from the EC up to the end of the year, at the end of 2016 international reserves should grow to 17.5 billion.

Accordingly, the failure to obtain this funding has led to the fact that the actual amount of reserves were at $ 2 billion less than projected.