The National Bank of Ukraine said that the country’s international reserves increased by 22% in 2019, according to preliminary data.
Thus, as of January 1 of this year, international reserves amounted to USD 25.3 billion.
“Such a volume of reserves not only exceeded the National Bank’s last forecast (USD 23 billion in equivalent, according to the Inflation Report for October 2019), but also reached a seven-year high — the last time it was higher in December 2012,” financial regulator noted.
The National Bank was able to increase international reserves in general by USD 4.5 billion per year due to the continued favorable situation in the foreign exchange market, which is due to further acceleration of economic growth and a steady influx of foreign capital into the country.
Also, the buildup of international reserves occurred in the year of double elections and peak payments on external public debt, which is additional evidence of the strengthening of macro-financial stability in the country.
In addition, active sales of foreign currency by the private sector of the economy, state-owned companies, and also by foreign investors allowed the National Bank to replenish international reserves in December by USD 2.9333 billion (net purchase of foreign currency).
As The Journalist reported, Ukraine reduce public debt to 50% of GDP.
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