Gross reserves jump by $3.4 billion in December, touching 7-years highs

UKRAINE - In Brief 09 Jan 2020 by Dmytro Boyarchuk
The NBU reported $25.3 billion or 3.9 months of imports by the end of December 2019. It appeared to be an impressive jump by 15.4% or $3.4 billion just for one month (up by $4.5 billion since the year start). That high level of gross reserves has not been seen since November 2012. At the press-release the NBU reports all the funds arriving through FX interventions. But we keep our view that gross reserves reflect foreign cash at the accounts of state-owned companies, meaning that reserves have reflected $2.9 billion which arrived to Naftogaz accounts. For some reason the NBU is reluctant to mention this accounting peculiarity. Gross reserves are expected to increase further on in 2020 amid positive external account trends.

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