The NBU predicts the growth of international reserves to $35 billion
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The National Bank predicts that, thanks to significant receipts from partners, Ukraine’s international reserves will increase to about $35 billion by the end of 2023. This is reported by the regulator’s press service.
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The NBU expects that this year the volume of revenues from international partners may exceed $42 billion.
“Receipts from partners, in particular, will contribute to the growth of international reserves to about $35 billion at the end of this year. This will strengthen the NBU’s ability to further maintain exchange rate stability and gradually ease currency restrictions,” the message says.
The regulator added that a significant current account deficit is expected in 2023. This, in particular, is due to the increase in imports against the background of the gradual recovery of domestic demand, the expenses of a significant number of forced Ukrainian migrants abroad, and still restrained exports due to a decrease in harvests and limited logistical routes.
At the same time, the receipt of international aid will compensate for these factors, the NBU emphasized.
Already from 2024, the increase in export flows and the gradual return of forced migrants home will contribute to the reduction of the current account deficit, which, however, will continue to be covered by significant amounts of external official financing, which will allow maintaining the volume of international reserves “at a relatively comfortable level.”
Let’s remind
Earlier, the “Ministry of Finance” wrote that as of April 1, 2023, Ukraine’s international reserves, according to preliminary data, amounted to $31,878.2 million. Such a volume of reserves is a record for the past 11 years (a larger volume than the above was recorded in November 2011).
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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