Preliminary data from the National Bank of Ukraine (NBU) indicates that its international reserves rose to approximately $9.6 billion as of May 1, the bank said on Thursday.
Major factors that weighed on this total were principal debt and interest payments on external sovereign bonds and government securities, and to the International Monetary Fund. Total payments amounted to $737 million when interest is included.
The NBU also sold $240 million worth in foreign-exchange interventions, of which $140 million in targeted interventions were sold to Naftogaz of Ukraine NJSC, helping to boost international reserves. The bank also purchased $158 million in foreign-exchange funds.
The bank said the $161 million yielded after Chinese yuan were converted
into U.S. dollars in foreign-exchange transactions and a disbursement of approximately $280 million from the European Commission to the Ukrainian government
also contributed to the increase in international reserves.
The NBU said the amount of funding held by the international reserves will be enough to satisfy foreign-debt obligations that the government and the NBU currently hold and to sustain current operations.
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