At the beginning of the year, Ukraine’s gold and foreign exchange reserves reached nearly $ 31 billion, and in six months they had fallen to $ 22.7 billion.
On July 1, Ukraine’s international reserves reached $ 22 billion 756.9 million (equivalent), which is 9% lower than at the beginning of June ($ 25.1 billion). The National Bank reported this on Thursday, July 7th.
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“On July 1, 2022, Ukraine’s international reserves, according to preliminary data, reached $ 22 billion 756.9 million. In June, they dropped by 9% due to the sale of foreign currency on the interbank market. The intensification of flows of made it possible by international assistance to Ukraine to partially comment on appropriate interventions, ”the statement said.
The National Bank sold $ 3,987.3 million in the foreign exchange market and repurchased $ 31 million for reserves.The balance of interventions in June was negative and valued at $ 3,956.3 million.
“The significant volume of money sales from reserves is due to a lower volume of money supply compared to demand. Thus, the proceeds from the export of goods and services and from migrant workers are less than the costs of defense, import and negotiation with international payment systems, “added the NBU.
At the same time, an additional factor that increased demand in the foreign exchange market was the monetization of the budget deficit of the NBU. Most of the funding received by the government in the hryvnia gradually finds its way into the foreign exchange market, which increases the demand for foreign currency.
Foreign exchange receipts in the accounts of the Government of Ukraine with the NBU amounted to $ 2,763.0 million. In particular, $ 967.4 million came from the World Bank, $ 779 million from the Government of Canada, $ 479.4 million from Japan mln – from the placement of foreign currency domestic government bonds (OVGZ).
The total volume of payments for service and repayment of state debt in foreign currency amounted to $ 833.6 million along with other lenders. In addition, the National Bank paid $ 166.2 million to the IMF.
Also, the dynamics of the indicator of the volume of reserves was affected by the re -evaluation of financial instruments (changes in market value and the exchange rate of hryvnia against foreign currencies): last month their value decreased of $ 152.2 million equivalent.
Recall that in May, reserves were reduced by 7%. And by the beginning of 2022, international reserves had reached $ 30.941 billion.
It was also found that money from international partners in the form of grants and loans has become the largest source of filling the state budget.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.