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International Reserves Amount to USD 22.4 billion in July

International Reserves Amount to USD 22.4 billion in July

As of 1 August 2022, Ukraine’s international reserves stood at USD 22,385.4 million, according to preliminary data. In July, the international reserves reduced by 2% on the account of interventions and payments under internal FX liabilities of the state that were largely compensated by FX funding provided to the government. 

Overall, international reserves dynamics in July were driven by:

  • first, the NBU’s transactions in the interbank FX market.

The NBU sold USD 2,117.0 million and bought USD 922.0 million in the FX market to replenish international reserves. As a result, the NBU was a net seller of USD 1,195.0 in foreign currency in July.

In July, the NBU decreased net FX sales in contrast to previous months due to mainly adjusting the official UAH/USD exchange rate as of 9:00 a.m. 21 July 2022 by 25% (to UAH 36.57 per USD 1). 

After fixing the official UAH/USD exchange rate customer demand for cashless transactions shrunk. Thus, since 22 July and till the end of the month the interbank FX market has reported net supply of USD 40 million to USD 70 million per day. 

Reduced monetary financing to UAH 30.0 billion in July (down from UAH 105.0 billion in June) also relieved the pressure on the international reserves.

  • second, transactions to manage public debt and receiving foreign partner assistance.

A total of USD 1,563.2 million in FX inflows was credited to the government’s accounts with the NBU in July. Specifically, USD 1,049.1 million came in from the German Government, and USD 514.0 million from the issuing of FX domestic government debt securities.

The government spent a total of USD 677.0 million to service and repay FX public debt, including USD 630.0 million to make repayments on Ukrainian-issued Eurobonds, and USD 47 million went to meet FX commitments to other creditors.

  • third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations. These instruments fell in value by USD 107.9 million in June.

International reserves are now covering 3.5 months of future imports, which is sufficient for Ukraine to meet its commitments, and for the government and the NBU to make their current transactions.

Data on international reserves and FX liquidity are compiled and published 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.

Revised data are available here.

For reference

Data on Ukraine’s international reserves are presented in the U.S. dollar equivalent.


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