Preliminary data showed that, as of 1 May 2024, Ukraine's international reserves stood at USD 42,399.5 million. In April, international reserves declined by 3.1%. 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 funding from international partners.
Overall, changes in international reserves throughout April 2024 were driven by a number of factors.
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 2,295.4 million on the FX market and bought USD 30.9 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore amounted to USD 2,264.5 million in April, which was an increase compared to March. 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 mid-March.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 1,649.7 million came into the government's FX accounts with the NBU. This amount included:
- USD 1,603.1 million as the second tranche of bridge financing from the EU under Ukraine Facility
- USD 46.6 million from the placement of FX domestic government debt securities.
A total of USD 884.5 million was spent on servicing and repaying the FX public debt. This included:
- USD 673.7 million to service and repay debt to the EU
- USD 162.3 million to service and repay debt to the World Bank
- USD 6.5 million to service FX domestic government debt securities
- USD 42.0 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 92.6 million to the International Monetary Fund.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In April, financial instruments increased in value by USD 224.3 million due to revaluation.
International reserves are now covering 5.5 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.