NBU's net foreign currency sales slightly down in first week of May - to $292.9 mln and 259.4 mln euros

KYIV. May 11 (Interfax-Ukraine) - The National Bank of Ukraine (NBU) again sold more foreign currency in the first week of May than it bought over this period.

Thus, NBU's foreign currency sales in the first week of May stood at $292.9 million and 259.4 million euros, which some 8% less than during the last week of April.

NBU purchased a mere $17.5 million and 10.3 million euros in the first week of May, the bank said on its website.

As reported, over the first week and a half after February 24, NBU's net foreign currently purchase totaled $690.3 million and 20 million euros, as a ban on the purchase of foreign currency was just introduced, while the list of critical imports had yet to be seriously expanded.

However, over the subsequent weeks, the amount of foreign currency bought by NBU started to decline, while foreign currency sales began growing. As a result, NBU's interventions on the foreign currency market increased to $2.2 billion in April from $1.78 billion in March, $0.31 billion in February, and $1.31 billion in January.

A number of experts, including NBU's former deputy governor for foreign currency policy Oleg Chury, proposed revising the list of critical imports and significantly reducing it, as today it covers 89% of last year's imports of goods.

NBU has bought $1,798,800,000 and 106,970,000 euros but has sold $6,156,750,000 and 1,755,460,000 euros on the market since the beginning of the year.

Out of these figures, NBU has purchased $1,141,900,000 and 106.970 million euros but has sold $3,386,550,000 and 1,755,460,000 euros on the market since February 24.

NBU data estimates Ukraine's international reserves as of May 1, 2022, at $26.94 billion, a 4% decline from the $28.11 billion international reserves reported at the beginning of March.