Ukraine had USD 39,033.8 million in international reserves as of 1 June 2024, according to preliminary data. In May, international reserves declined by 7.9%. Such dynamics were driven by the NBU’s FX interventions aimed at preserving sustainability of the exchange rate and by Ukraine’s FX debt repayments, which were partially offset by inflows from the placement of FX domestic government debt securities and funding from international partners.
Overall, international reserve dynamics throughout May 2024 were driven by a number of factors.
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 3,087.0 million on the FX market and bought USD 11.1 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore amounted to USD 3,075.9 million in May, which was an increase compared to April. This can be attributed to a rise in demand on the FX market, which was primarily driven by a pickup in government spending as regular inflows of external aid resumed from March–April.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 143.1 million came into the government's FX accounts with the NBU. This amount included:
- USD 123.1 million from the issuing of domestic government debt securities
- USD 20.0 million from the World Bank.
A total of USD 412.3 million was spent on servicing and repaying the FX public debt. This included:
- USD 309.1 million to service and redeem FX domestic government debt securities
- USD 42.9 million to service and repay debt to the EIB
- USD 30.7 million to service and repay debt to the EBRD
- USD 21.3 million to service and repay debt to the World Bank
- USD 8.3 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 240.8 million to the International Monetary Fund.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In May, financial instruments increased in value by USD 216.1 million 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.