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International Reserves at USD 28.7 billion in September

International Reserves at USD 28.7 billion in September

As of 1 October 2021, Ukraine had USD 28,705.2 million in international reserves, early data show. In September, international reserves fell by 9.2%, as Ukraine was past the peak of repayments on its external commitments.

Overall, the following drivers shaped the dynamics of international reserves in September:

  • first, transactions related to public debt management. The government spent a total of USD 2,557 million on the servicing and repayment of FX public debt. That included USD 2,521.1 million to service and repay Eurobonds and USD 2.1 million to service domestic government debt securities.

The government received USD 216.9 million in FX inflows from the placement of domestic government debt securities.

  • second, revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations). These instruments declined in value by USD 202 million last month.
  • third, the NBU’s transactions in the interbank FX market. For most of September, FX supply in the interbank FX market exceeded demand. This allowed the NBU to buy USD 146.6 million to replenish reserves. On one occasion, however, demand in the FX market surpassed supply, and the central bank sold USD 7 million to smooth out exchange rate fluctuations that were weakening the hryvnia.

Overall in September, the NBU made net FX purchases of USD 139.6 million in the interbank FX market.

International reserves now cover four months of future imports, 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 the volume of Ukraine’s international reserves, the amount of funds that goes towards the servicing and repayment of FX public debt, including the funds designated to service domestic government debt securities, as well as changes in the value of financial instruments, are presented in U.S. dollars as per the official exchange rate set by the NBU on 1 October 2021. 

 

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