Preliminary data showed that, as of 1 March 2024, Ukraine's international reserves stood at USD 37,052.0 billion. In February, international reserves fell by 3.8%. These developments were driven by NBU FX interventions to preserve sustainability of the exchange rate and Ukraine’s FX debt repayments that were partially offset by funding from international partners.
In general, the following factors affected international reserves in February 2024:
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 1,540.6 million on the FX market and bought USD 31.9 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 1,508.7 million in net FX sales in February, down by 1.4% from January.
Second, inflows into the government’s accounts and the servicing and repayment of public debt
A total of USD 1336.2 million came into the government's FX accounts with the NBU. That includes:
- USD 523.6 million from the placement of FX domestic government debt securities
- USD 514.4 million in grants from Japan that came through the World Bank
- USD 295.0 million in grants from Norway that came through the World Bank
- USD 3.2 million from the World Bank guaranteed by Spain.
A total of USD 1,129.5 million was spent on servicing and repaying the FX public debt. That included:
- USD 796.7 million to service and redeem FX domestic government debt securities
- USD 275.1 million to service and redeem debt to the World Bank
- USD 57.7 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 379.0 million to the International Monetary Fund.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
In February, financial instruments increased in value by USD 199.5 million due to revaluation.
International reserves are now covering 4.9 months of future imports.
Data on international reserves and FX liquidity are compiled and released on a monthly basis:
- for preliminary data, no later than on the 7th 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.
Data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.