FX reserves rise in March thanks to IMF programme

Макроэкономика 07.04.2015 The NBU reported yesterday that its FX reserves as of the end of March rose from US$5.6bn to US$10.0bn as a result of the US$4.9bn IMF tranche and the CAD200m Canadian government loan. The net volume of FX market interventions was a US$200m surplus following US$0.9bn in debt repayments. Despite the increase in FX reserves, market sentiment still remains negative toward hryvnia-denominated assets and we expect tight FX regulation for the remainder of 2015.