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International Reserves at USD 27.5 Billion in February

International Reserves at USD 27.5 Billion in February

Preliminary data showed that, as of 1 March 2022, Ukraine's international reserves stood at USD 27,537.9 million. In February the international reserves decreased by 5.3%, however the figure exceeded the one at the beginning of coronavirus crisis in Ukraine in March 2020 (USD 27 billion).

A decrease in the international reserves is primarily driven by repayments on external debt last month and the NBU’s interventions required for smoothing out the excessive fluctuations on the FX market.

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

  • first, transactions related to public debt management.

The government spent an equivalent of USD 1.4 billion on the servicing and repayment of FX public debt. That includes the USD 781.9 million that went towards the servicing and repayment of domestic government debt securities, and the USD 428.4 million that was spent on the servicing and repayment of Eurobonds. The rest of the funds went to meet the government’s other FX commitments. The government received USD 65 million in FX inflows. That includes USD 25 million from the issue of domestic government debt securities. 

Furthermore, the NBU and the government in May repaid an equivalent of USD 199.1 million to the IMF

  • second, the NBU’s FX interbank transactions.

After the mass Russian invasion on 24 February on Ukraine, the NBU introduced restrictions on the FX market for the protection of the financial system of Ukraine and its robust and stable operation. From 24 to 28 February, considering the current restrictions, the NBU primarily purchased foreign currency from banks. Before the full scale military invasion of Russia against Ukraine, the FX market remained volatile, and the NBU sold and purchased foreign currency to alleviate excessive fluctuations.

In February, the NBU sold USD 1.3 billion and bought USD 901.2 million. As a result, the regulator ended February as a net seller of USD 357.8 million. 

  • third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations). Last month, the value of these instruments increased by USD 339.7 million.

International reserves are now covering 3.8 months of current 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 foreign currency 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.

For reference:

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

Current imports stand for imports of goods and services in January 2022.


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