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Ukraine’s International Reserves Were Up Nearly USD 1 Billion in November

5 December 2018

Press Release


Preliminary data suggest that Ukraine’s international reserves increased 5.8% or USD 974.5 million in November, to the equivalent of USD 17,711.5 million as of 1 December 2018. The international reserves increased as a result of the government raising funds and the NBU purchasing foreign currency in the interbank market.


·         The government received  USD 2,000.0 million from the placement of eurobonds and USD 82.9 million from the sale of domestic government bonds.


At the same time, public debt payments were lower than the revenues from the sale of government securities. Specifically, in November, the government conducted an early redemption of USD 725.0 million in short-term eurobonds that was raised through a private placement in August this year. Additionally, the government and the National Bank of Ukraine paid the equivalent of a total of USD 439.1 million to the International Monetary Fund last month. Other government payments to service and repay public debt denominated in foreign currency amounted to the equivalent of USD 238.2 million, including USD 149.1 million on domestic government bonds and USD 18.5 million on eurobonds.


·         In November, the NBU’s net FX purchases in the interbank market increased the reserves by USD 232.8 million.


In particular, to mitigate excessive exchange rate fluctuations caused by temporary psychological pressure due to the adoption of martial law, the NBU sold USD 125.0 million late last month, including USD 50.0 million through foreign exchange interventions at the best price.


Overall in November, however, the supply of foreign currency was higher than the demand, in particular due to income from exports of agricultural and metallurgical products.  This enabled the NBU to purchase USD 357.8 million in the interbank FX market, including USD 76.7 million at the best price, without influencing hryvnia exchange rate movements, which were shaped by underlying factors.  


·         Additionally, the value of financial instruments increased by USD 50.4 million (as a result of changes in the market value, and in the hryvnia exchange rate to foreign currencies), affecting the amount of the international reserves.


Overall, as of 1 December 2018, the international reserves covered 3.0 months of future imports and were sufficient for Ukraine to meet its obligations and for the government and the NBU to conduct their current transactions.


Data on the international reserves and foreign currency liquidity are compiled and distributed on a monthly basis:

no later than on the seventh day following the reporting month – for preliminary data

no later than on the twenty-first day following the reporting month – for revised data.


Last modification   05.12.2018