As of 1 October 2023, Ukraine had USD 39,708.2 million in international reserves, early data show. In September, the international reserves decreased by 1.7% on the back of the NBU’s FX sales to cover the gap between supply and demand in the FX market of Ukraine and FX debt repayments, which were largely offset by inflows of international assistance.
Overall, international reserves dynamics in September 2023 were driven by a number of factors.
First, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 3,328.9 million was received to the government's FX accounts with the NBU. This amount included:
- USD 1,592.4 million of macrofinancial assistance from the EU
- USD 1,250.0 million – a grant from the United States (through the World Bank's trust fund)
- USD 386.4 million from the placement of FX domestic government debt securities.
- USD 100.0 million from the World Bank guaranteed by the United Kingdom.
Ukraine's government spent USD 465.3 million to service and repay FX public debt. That included USD 388.9 million to service and redeem FX domestic government debt securities and USD 51.1 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 882.1 million to the International Monetary Fund.
Second, NBU transactions in the Ukrainian FX market
In September 2023, the NBU sold USD 2,692.1 million on the FX market and bought USD 0.7 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore amounted to USD 2,691.4 million last month.
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 12.9 million in September due to revaluation.
International reserves are now covering 5.3 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.