OREANDA-NEWS. December 22, 2009. According the NBU data, foreign currency and currency deposits in central banks of other countries constituted 44% (USD 11.9bn, up 10%, m/m) of its international reserves in November 2009, while securities accounted for 52% (USD 14.1bn, up 1.4%, m/m). Total international reserves of the NBU amounted to USD 27.3bn in November 2009 (down 1.5%, m/m).

Millennium Capital sees the news to be neutral, since according to the NBU announcements made in late 2008, its securities do not include risky assets, such as the US Lehman Brothers. Assuming that the NBU securities are still of high liquidity, Millennium Capital estimates that its international reserves are sufficient to cover three months imports to Ukraine (USD 14bn).