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International Reserves at USD 26.9 Billion in April

International Reserves at USD 26.9 Billion in April

Preliminary data showed that, as of 1 May 2022, Ukraine's international reserves stood at USD 26,944.9 million. In April, international reserves reduced by 4% as the NBU sold foreign currency, which was partly compensated by FX inflows to the benefit of the government. 

Overall, last-month trends of the international reserves were determined by:

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

In April, according to balance sheet data, the NBU sold USD 2,244 million in the FX market and purchased USD 43 million. The regulator ended the month as a net seller of USD 2,201 million.

Interventions by selling foreign currency are dictated by the excess of demand over supply of foreign currency. Such excess is caused by major defense needs, energy import, and settlements with payment systems on the account of broad use of cards abroad, against slow export recovery

  • second, the management of public debt.

The government received an equivalent of USD 1,887 million in internal and external FX inflows. In particular, EUR 629 million and USD 93 million were provided by the World Bank, EUR 300 million – by the French government, USD 236 million – by the Canadian government, and EUR 120 million – by the EU.

The government spent an equivalent of USD 614 million on the servicing and repaying the FX public debt. That included the USD 420 million channeled for servicing and repaying domestic government debt securities denominated in foreign currency, and the USD 78 million that was spent on servicing Eurobonds.  

Furthermore, in April, the NBU repaid an equivalent of USD 84 million to the IMF

  • third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations). These instruments declined in value by an equivalent of USD 150.3 million 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 a U.S. dollar equivalent.

Considering the difficulties in forecasting macroeconomic indicators on the account of continuing full-scale russian aggression on Ukraine, the NBU temporarily refrains from publishing information on reserves coverage of future imports.


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