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International Reserves at USD 29.3 Billion in January

International Reserves at USD 29.3 Billion in January

Ukraine had USD 29,287.1 million in international reserves as of 1 February 2022, preliminary data show. In January, the international reserves reduced by 5.3%, however still exceeded the yearly average indicator in 2021.

The international reserves decreased last month on the account of FX interventions of the NBU intended to alleviate fluctuations on the FX market associated with psychological factors.

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

first, the NBU’s FX interbank transactions. 

In January, the FX market experienced a major rise in demand for foreign currency mainly due to negative media reports triggered by the geopolitical tension. Other triggers were seasonal increase in budget expenditure at the end of 2021and high power prices on global markets.

In order to moderate excessive fluctuations and prevent exacerbating depreciation and inflation expectations the NBU sold foreign currency.  It  curbed a temporary surge in demand in the FX market; in the end of the month the market stabilized and the NBU went back to purchasing currency.

In January, the NBU bought USD 197.7 million and sold USD 1,511.2 million. The NBU's net FX sales amounted to USD 1,313.5 million last month

second, the management of public debt.

The government spent an equivalent of USD 416.8 million on servicing and repaying the publicly guaranteed debt and FX public debt. That includes the USD 186.2 million that went towards the servicing and repaying domestic government debt securities, and the USD 61.7 million that was spent on servicing Eurobonds. The rest of the funds went to meet the government’s other FX commitments.

On the other hand, FX inflows to the government amounted to USD 146.9 million, of which USD 143.4 million came from a placement of domestic government debt securities 

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 70.5 million last month.

International reserves are now covering 3.6 months of future 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.


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