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International Reserves at USD 38.97 Billion in October

International Reserves at USD 38.97 Billion in October

Preliminary data show that, as of 1 November 2023, Ukraine's international reserves stood at USD 38,973.0 million. In October, reserves decreased by 1.9%. These dynamics were driven by NBU interventions and Ukraine’s FX debt repayments. At the same time, both factors were largely offset by inflows of assistance from international partners. 

Overall, international reserves dynamics in October 2023 were driven by a number of factors.

First, the NBU’s transactions on the Ukrainian FX market

In October 2023, the NBU sold USD 3,351.5 million on the FX market and bought USD 14.0 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales amounted to USD 3,337.5 million last month, compared to USD 2,691.4 million in September.

Increased interventions were primarily driven by a temporary rise in demand on the first days of the transition from the fixed exchange rate to managed exchange rate flexibility. According to balance sheet data, from 2 to 6 October, the NBU’s net FX sales amounted to USD 1,151.7 million, whereof almost a half was sold by the NBU on the first day of the new exchange rate regime. Further on, NBU interventions to sell foreign currency stabilized at the level observed before the transition to managed flexibility of the exchange rate.

Second, inflows to the government’s accounts and the servicing and repayment of public debt

A total of USD 3,313.1 million was received to the government's FX accounts with the NBU. This amount included:

  • USD 1,590.4 million of macrofinancial assistance from the EU
  • USD 1,150.0 million received as a grant from the United States (through the World Bank's target fund) 
  • USD 572.7 million from the placement of FX domestic government debt securities.

Ukraine's government spent USD 892.5 million to service and repay FX public debt. That included USD 715.3 million to service and redeem FX domestic government debt securities and USD 135.8 million to service and repay the debt to the World Bank. The rest went toward meeting the country's liabilities to other international creditors.

In addition, Ukraine repaid USD 80.1 million to the International Monetary Fund.

Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)

The value of financial instruments increased by USD 247.2 million in October due to revaluation.

International reserves are now covering 5.2 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.

For reference

Data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.


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