The international reserves of Ukraine until the end of 2020 may exceed the level of $27.2 billion in the April forecast of the National Bank of Ukraine (NBU), the press service of the regulator has reported.
“The relatively favorable situation in the world commodity markets, a significant decline in imports and the signing of a new program with the IMF give reason to expect that international reserves ($25.4 billion at the end of May) will grow even more until the end of the year than according to our April forecast ($27.2 billion),” the report said.
The press service said that the corresponding forecast was the current assumption, recalling that the central bank would present a new macroeconomic forecast in July.
“It’s probably hard to say what the next steps will be like – the uncertainty is too high. Back in April, let’s say, we didn’t even forecast a reduction in the refinancing rate below 7% this year, but today we have already reduced it to a record level of 6%,” the regulator’s press service said.
As reported, the IMF predicts a reduction in Ukraine’s international reserves this year from the current $25.4 billion to $19.3 billion, with a recovery in 2021 to $23.4 billion and in 2022 to $26.5 billion. (Open4Business/Business World Magazine)