FX reserves stat data for September

Макроэкономика 08.10.2014 Although FX reserves were reported to have increased to US$16.2bn over the last month, the reality of this announcement is less rosy and more complicated. Not only did NBU authorities postpone the US$1.6bn Naftogaz Eurobond redemption from September 30 to very early October to retain FX reserves for September's month-end statistic, it appears that the NBU used the reserves to sell FX to support the hryvnia (US$0.8bn, net). In terms of net debt, September should have reported a total of US$1.1bn in inflows (excluding the Naftogaz debt, while including the US$1.3bn in IMF funds) and the net debt outflow in October is estimated at US$1.3bn (including the Naftogaz debt).