OREANDA-NEWS. On 7 September 2009 was announced, that the National Bank of Ukraine reported on Friday that its gold and foreign currency reserves decreased 2.6% mom in August to USD 28.9 bln. The NBU's reserves are down 8.5% over 8M09.

Concorde Capital: In August, excessive demand for foreign currency prevailed on the domestic FX market, derived in large part from the retail market. Subsequently, the NBU spent USD 866 mln of its reserves to satisfy this demand. We expect foreign currency demand to exceed supply on the domestic market at least until the end of 2009, with the NBU keeping spending its reserves to support hryvnya.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.