Ukraine increased gold reserves

Foreign exchange reserves increased by 14% since the beginning of the year.

International reserves of Ukraine on June 1, 2017 $17,617 billion (equivalent). For five months of the current year they increased by 14%, including in may – 3%.

This was reported by the press service of the National Bank of Ukraine.

As in previous months, in may, the increase in reserves was mainly due to favorable domestic export situation on world commodity markets, which allowed the National Bank to purchase foreign currency and at the same time to counteract the trend towards the strengthening of the national currency, said the regulator.

Thanks to this net purchase of foreign currency by the National Bank in may amounted to $521 million.

In addition, the increase in reserves last month contributed to the flow of funds in favor of the government of Ukraine from placement of government bonds denominated in foreign currency, in the amount of $38.1 million and from the European Commission in the amount of €8 million.

As of June 1, the volume of international reserves of Ukraine covers the 3.7 months of future imports is sufficient to meet the obligations and current operations of the government and the National Bank.

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