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International Reserves at USD 26.5 billion in September

International Reserves at USD 26.5 billion in September

As of 1 October 2020, Ukraine’s international reserves amounted to USD 26,525.7 million (in the equivalent), preliminary data showed.  In September, international reserves fell by 8.7% as Ukraine’s foreign debt repayments peaked.

Overall, international reserves in August were affected by the following factors:

  • First, the government’s servicing of public debt. The payments to repay and service public and publicly guaranteed debt denominated in foreign currency totaled USD 2,664.8 million (in the equivalent).  Specifically, USD 2,211.7 million was allocated to the servicing and repayment of Eurobonds, USD 417.4 million to meeting commitments to the IMF, while the rest of the funds went to meet the state’s other FX commitments. FX proceeds of the government amounted to USD 445.0 million, in particular USD 111.9 million – from the sale of FX-denominated domestic government debt securities.
  • Second, the NBU’s interbank FX market transactions. Total demand for foreign currency in September exceeded supply due to a rebound in business activity, including that of importers and companies that bought foreign currency to make repayments on external debts. To smooth out exchange rate fluctuations that weakened the hryvnia, the NBU intervened by selling USD 231.5 million.  On some days, when excessive supply of foreign currency was observed in the market, the NBU intervened to replenish reserves, making USD 34.0 million of FX purchases. 
  • Third, the revaluation of financial instruments (due to changes in their market value and exchange rates). Last month, the value of these instruments decreased by USD 105.7 million (in the equivalent).

Currently, international reserves cover 4.3 months of future imports. This is sufficient for Ukraine to meet its obligations, and for the government and the NBU to conduct their current operations.

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.

Revised data are available here.

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