NBU expects intl reserves growth to $29.8 bln in 2020

14:52, 23.07.2020 1 min read

The National Bank of Ukraine (NBU) has raised its forecast for the country's international reserves in 2020 from $25.3 billion to $29.8 billion ($27.2 billion in the April forecast), and to $32.7 billion during the next two years (according to previous forecast, $28.6 billion in 2021, $32.3 billion in 2022), the central bank said on its website on Thursday.

According to the statement, the estimate of the surplus of the consolidated balance of payments for 2020 is also improved to $1.1 billion surplus from $1.1 billion deficit.

The NBU forecasts that the surplus of the consolidated balance of payments will be $2.4 billion in 2021, $1.8 billion in 2022.

"The NBU has significantly raise its forecast of the current account for 2020 from zero deficit (according to the old methodology from deficit of 1.7% of GDP in the April forecast) to surplus 4.4% of GDP," the bank said.

The regulator also assessed the current account deficit at 2.8% of GDP in 2021 (down by 3.3% of GDP in the April forecast) and 4.4% of GDP (down by 4% of GDP) in 2020.