Ukraine Foreign Exchange Reserves Decline, Switzerland’s and India’s Increase

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Ukraine Foreign Exchange Reserves Decline, Switzerland’s and India’s IncreaseUkraine’s foreign exchange reserves stood $17.08 billion on July 1, reported the central bank on Monday, compared with $17.9 billion at the beginning of June.

The central bank also revealed that the country made loan repayments worth $1.977 billion using foreign currency last month, such as the $193 million to the Washington-based International Monetary Fund. The European Union also gave Ukraine $1.04 billion in June.

The foreign reserves grew only in May after the IMF sent Ukraine a loan tranche totalling $3.1 billion.

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In contrast, Switzerland’s foreign exchange reserves surged in June, reported the Swiss National Bank on Monday. The SNB said it had 449.553 billion Swiss francs worth of foreign currency as of June 30, up from May’s revised total of 444.351 billion. The central bank had originally announced that the foreign exchange reserves stood at 444.354 billion in May, reported Reuters.

The SNB intervened in September 2011 by imposing a cap on the surging franc in order to ward of the recession and persistently low inflation, boosting its already huge foreign currency reserves.

India’s forex reserves also surged by $857 billion in the week through June 27 as global funds invested in more local stocks while the Reserve Bank of India purchased the dollars from local markets in order to minimize currency volatility.

The reserves surged to $315.779 billion, close to the record high of $321 billion that were attained three years ago. Foreign currency assets, which constitute the largest proportion of the reserves, accelerated to $288.813 billion. The foreign currency assets take into account the effect of depreciation or appreciation of non-dollar currencies such as yen, pound or the euro. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com