Ukraine had USD 38,525.0 million in international reserves as of 1 February 2024, preliminary data show. In January, international reserves fell by 4.9%. These dynamics were driven by NBU FX interventions to preserve sustainability of the exchange rate, by Ukraine’s FX debt repayments, and by lower international aid inflows than in previous months.
In general, the following factors affected international reserves in January 2024:
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 2,549.1 million in the FX market and bought USD 16 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 2,533.1 million in net FX sales in January, down by 29% from December.
Second, inflows into the government’s accounts and the servicing and repayment of public debt
A total of USD 898.9 million came into the government's FX accounts with the NBU. That included:
- USD 512.1 million from the placement of FX domestic government debt securities
- USD 386.8 million in loans and grants from Japan that came through the World Bank.
A total of USD 441.6 million was spent on servicing and repaying the FX public debt. That included:
- USD 368.5 million to service and redeem FX domestic government debt securities
- USD 69.6 million to service and redeem debt to the World Bank
- USD 3.5 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)
Financial instruments increased in value by USD 86.3 million in January due to revaluation.
International reserves are now covering 5.1 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.