OREANDA-NEWS. Preliminary data suggests that as of 1 November 2016, Ukraine's international reserves amounted to the equivalent of USD 15.514 billion. International reserves remained almost unchanged during the last month given for Ukraine to make debt service payments.  Overall, international reserves have expanded by 2o% over the past 12 months.

In October, international reserves increased due to:

• First, the NBU’s foreign exchange interventions conducted in the interbank FX market. Given the excess supply of foreign currency in the interbank market, the NBU held 10 FX purchase auctions.  No FX sale auction was held during the month.  In October, the NBU’s net FX purchases amounted to USD 274.5 million.

● Second, the Government of Ukraine issued domestic sovereign bonds denominated in euro.  Proceeds from  the placement of domestic sovereign bonds denominated in euro amounted to EUR 141.3 million (the equivalent of USD 154.4 million).

At the same time, the increase in reserves was offset by  payments  related to the repayment and servicing of the  public and publicly guaranteed debt denominated in foreign exchange in the amount of USD 365.8 million, including USD 310.1 million in principal and interest payments on domestic sovereign bonds.       

Currently, the amount of Ukraine’s international reserves is sufficient to cover 3.7 months of future imports and enable the Government.