Analyst: “…if exports continue to strongly recover, we'll see gross reserves far above the USD 19.5 bln mark (4.3 months of imports) that we project currently.”
KYIV, Mar 7, 2017 (UBO) - Ukraine's gross international reserves inched up 0.1% (USD 0.015 bln) to USD 15.46 bln in February, or 3.3 months of future imports, Concorde Capital informed clients today, based on a National Bank of Ukraine (NBU) report of March 6. The main foreign currency inflow came from net ForEx interventions, worth USD 80.9 mln. As tradition, spending was directed towards debt servicing, namely USD 66.5 mln on IMF debt and USD 62.4 mln on the interest of other liabilities.
Concorde analyst Alexander Paraschiy added: “February gross reserves were better than we expected, which means that external accounts kept improving despite the trade blockade imposed on Donbas. We anticipate reserves will improve in upcoming months owing to a USD 1.0 bln IMF wire that we expect in March and a EUR 600 mln loan from the EU.
What’s more, if exports continue to strongly recover, we'll see gross reserves far above the USD 19.5 bln mark (4.3 months of imports) that we project currently.