Ukraine's central bank reports 2.2% increase in international reserves in May

Ukraine's international reserves in May 2016 grew by 2.2%, or $295 million, to $13.536 billion, the National Bank of Ukraine (NBU) reported on its website.

The reserve grew by 36.5% in the past 12 months, the NBU said.

"An increase in the reserves in May was mainly due to the purchase by the NBU of foreign currency for lessening extreme fluctuations on the interbank forex market and replenishing reserves. Net forex purchases by the NBU in May amounted to $332.7 million. The NBU did not hold auctions to sell foreign currency in May," the NBU said.

The central bank says that the increase was against the backdrop of repayment and servicing of state and government-guaranteed debt to the tune of $176.8 million. Of the sum, $124.8 million was spent on servicing of state securities.

What is more, the government and the NBU transferred $52.3 million to the International Monetary Fund in May.

The NBU says that Ukraine's international reserves cover 3.4 months of import.