Central bank reserves were down 5.5% m-o-m in May to $19.4 billion, enough to cover 3.2 months of imports.

Central bank reserves were down 5.5% m-o-m in May to $19.4 billion, enough to cover 3.2 months of imports. The drop, not a surprise, was largely caused by a planned redemption of a $1 billion 2014 Eurobond. Year to date, reserves are down 6.8%, or $1.4 billion, largely due to debt repayments.