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Ukraine's intl reserves in early May decrease to $26.8 bln – NBU head

KYIV. May 3 (Interfax-Ukraine) – As of early May, Ukraine’s international reserves amounted to $26.8 billion compared to $28.1 billion as of April 1, Governor of the National Bank of Ukraine (NBU) Kyrylo Shevchenko said.

"Now we have an adequate stock of international reserves, despite the timely fulfillment by the government of all its foreign currency debt obligations … With sufficient international financial assistance, we will be able to maintain reserves at the proper level and even increase them," he wrote in a column for NV.Business.

Shevchenko pointed out that the current restrictions on the movement of capital are the minimum that now allows maintaining financial stability, preventing a significant outflow of foreign currency abroad and meeting the critical needs of the economy.

According to him, relatively soft currency restrictions create space for the restoration of market processes. In particular, if at the beginning of the war all transactions on the interbank market were carried out with the NBU, since March, banks have been increasing the volume of trading among themselves: the average daily trading volume between banks in April amounted to about $25 million, the head of the NBU noted.

"These volumes cannot be compared with the pre-war ones, but this is a necessary basis for the further development of the market," he added.

As reported, Ukraine’s international reserves in March increased from $27.5 billion to $28.1 billion, but by mid-April they decreased to $27.4 billion, and by April 22 – to $27 billion.