The National Bank of Ukraine has upgraded the forecast of consolidated surplus from $2 billion up to $2.2 billion projected before, in view of the results for 2015, as has been stated in the NBU’s inflation report for June, LigaBusinessInform reports.
This year bail-out money from the IMF equalling $9.9 billion will boost foreign reserves to rise to $18.2 billion, or 3.7 months of imports in the coming period.
Simultaneously, the National Bank has downgraded the forecast of current account deficit from $1.1 billion projected before to $1.4 billion or 1.5% of GDP, due to the downgrade to the forecast of raw material prices in the global commodity markets and slow recovery of production and infrastructure in eastern Ukraine.
The NBU predicts the financial account surplus in 2015 will be $3.6 billion again, owing to funding in the amount of $2.5 billion in loans, macro-financial assistance and funds raised from placement of bonds under the US’ guarantee, and postponing payments on eurobonds totalling $5.3 billion.
In 2016 it is expected the consolidated surplus will be $1.4 billion. Next year, the IMF’s loan will amount to $2.5 billion that will trigger an increase of reserves up to $22.1 billion, or 4.3 months of imports.
