As of 1 August 2024, Ukraine’s international reserves stood at USD 37,231.9 million, according to preliminary data. In July, international reserves declined by 1.8%. Such dynamics were driven by the NBU’s FX interventions to compensate for the structural deficit of foreign currency and smooth out exchange rate fluctuations, as well as by Ukraine’s FX debt repayments. These transactions were partially offset by funding received from international partners and inflows from the placement of FX domestic government debt securities.
Overall, international reserves dynamics in July 2024 were driven by a number of factors.
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 3,306.8 million on the FX market and bought USD 1.8 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 3,305.0 million in net FX sales in July.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 2,482.7 million came into the government's FX accounts with the NBU. This amount included:
- USD 2,197.0 million from the International Monetary Fund
- USD 285.7 million from issuing FX domestic government debt securities.
A total of USD 185.0 million was spent on servicing and repaying the FX public debt. This included:
- USD 77.0 million to service and repay the debt to the World Bank
- USD 70.5 million to make payments on government derivatives
- USD 20.1 million to service and redeem FX domestic government debt securities
- USD 17.4 million to meet the country’s liabilities to other international creditors.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In July, financial instruments increased in value by USD 342.9 million due to revaluation.
International reserves are now covering 4.8 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.