Regular version of site
Skip to content
International Reserves Amount to USD 41.7 billion in July, a New Record High for Independent Ukraine

International Reserves Amount to USD 41.7 billion in July, a New Record High for Independent Ukraine

As of 1 August 2023, Ukraine’s international reserves stood at USD 41,718.6 million, according to preliminary data. In July, the reserves increased by 6.9%, reaching a new record high for the second consecutive time since Ukraine gained its independence. Previously, maximum high reserves recorded on 1 July 2023 accounted for USD 39,026.5 billion. 

In July, international reserves continued to increase thanks to sustained and regular inflows from international partners, which exceeded the NBU’s net FX sales and Ukraine’s FX debt repayments.

Overall, international reserve dynamics throughout last month were driven by a number of factors.

First, inflows to the government’s accounts and the servicing and repayment of public debt

A total of USD 4,681.3 million was received to the government's FX accounts with the NBU. Whereof:

  • USD 1,657.4 million of macrofinancial assistance from the EU
  • USD 1,496.3 million of concessional loan guaranteed by the government of Japan through the World Bank’s Target Fund
  • USD 1,300.3 million of grants through the World Bank’s trust fund, whereof USD 1,250.0 million from the United States
  • USD 227.3 million from the placement of FX domestic government debt securities.

The government of Ukraine spent a total of USD 394.6 million on servicing and repaying the FX public debt. In particular, USD 319.6 million was allocated to service and redeem FX domestic government debt securities, USD 66.8 million – to service the debt to the World Bank, the rest was spent on servicing debt to other international creditors.

Second, NBU transactions in the Ukrainian FX market

In July 2023, the NBU sold USD 1,873.4 million in the FX market and bought USD 12.9 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore amounted to USD 1,860.5 million last month.

Inflows from international partners remained much larger than the FX sale interventions conducted by the NBU to cover the gap between demand and supply in the Ukrainian FX market.

Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)

The value of financial instruments increased by USD 266.0 million in July due to revaluation.

International reserves are now covering 5.6 months of future imports

Data on international reserves and FX liquidity are compiled and released on a monthly basis:  

  • for preliminary data, no later than on the seventh day after the reporting month ends
  • for revised data, no later than on the 21st day after the reporting month ends. The data are available here.
For reference

Data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.


Subscribe for notifications

Subscribe to news alerts