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International Reserves Increased to USD 23.9 Billion in September

International Reserves Increased to USD 23.9 Billion in September

As of 1 October 2022, Ukraine had USD 23,929.6 million in international reserves, early data show. In September, they declined by 5.9% as the NBU was selling foreign currency on the interbank market, among other things, to finance defense needs and payments made by Ukrainians abroad. At the same time, steady inflows from international partners allow maintaining international reserves at a sufficient level despite the full-scale war. 

Overall, international reserves dynamics in September were driven by:

  • first, the NBU’s transactions on the interbank FX market

Last month, the NBU sold USD 2,777.1 million and bought USD 39.4 million on the FX market to replenish international reserves. As a result, the NBU was a net seller of USD 2,737.7 million in foreign currency in June.

  • second, transactions to manage public debt

FX inflows to the government’s accounts with the NBU in September amounted to USD 2,033.8 million. This included USD 1,500.0 million from the U.S. (through the World Bank’s trust fund), USD 482.1 million from the EU, and USD 51.7 million from offering FX domestic government debt securities.

The government spent a total of USD 65.1 million on servicing and repaying the FX public debt. In particular, USD 63.0 million was allocated to service and repay debts to international lenders and another USD 2.1 million to service FX domestic government debt securities.

In addition, Ukraine repaid USD 624.6 million to the International Monetary Fund.

  • third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations.

These instruments fell in value by USD 115.5 million last month.

International reserves are now covering 3.7 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 a U.S. dollar equivalent.


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