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International Reserves at USD 25.1 Billion in May

International Reserves at USD 25.1 Billion in May

Ukraine had USD 25,100.7 million in international reserves as of 1 June 2022, according to preliminary data. Reserves declined by 7% in May, primarily due to the sale of foreign currency in the interbank FX market, which was partially offset by funding from international partners. 

Overall, international reserves dynamics in May were driven by: 

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

The NBU sold USD 3,410.6 million and bought USD 56.4 million in the FX market. The purchased foreign currency went to replenish international reserves. Such significant FX sales were due to the need to meet the excess of demand for foreign currency over supply. Specifically, FX revenues from exports and labor migrant remittances were exceeded by significant FX expenditures on defense needs, imports of goods and services, and settlements with international payment systems for purchases that the displaced Ukrainians made abroad using their Ukrainian-issued hryvnia cards.

  • second, transactions to service public debt.

The government received the equivalent of USD 1,660.2 million in FX inflows. That includes EUR 583.7 million from the World Bank and EUR 582.3 million from the EU. 

The government spent a total of USD 144.8 million to service and repay FX public debt, including USD 60.2 million to make repayments on Ukrainian-issued Eurobonds.

In addition, the NBU and the government in May repaid USD 68.6 million to the IMF.

  • third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations). These instruments gained USD 63.1 million in value last month.

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.

Russia’s ongoing full-scale military aggression against Ukraine has made it difficult to forecast macroeconomic indicators. The NBU is therefore temporarily refraining from publishing data on how much of future imports can be covered by international reserves.


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