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Ukraine’s International Reserves Exceed the Pre-War Volumes and Reach Nearly USD 28 Billion

Ukraine’s International Reserves Exceed the Pre-War Volumes and Reach Nearly USD 28 Billion

Preliminary data showed that as of 1 December 2022, Ukraine's international reserves stood at USD 27,951.4 million. This level exceeds the one before the full-scale war of russia on Ukraine: in the morning of 24 February 2022 the international reserves amounted to USD 27,422.2 million.

In November the international reserves increased by 10.7% on the account of rhythmical inflows of international aid against fewer NBU interventions on FX sales and moderate public debt repayments in foreign currency.

Overall, international reserves dynamics in November were driven by:

first, transactions related to public debt management

FX inflows to the government’s accounts with the NBU amounted to USD 4,616.9 million. This included:

  •  USD 2,530.0 million from the EU
  •  USD 1,500.0  million from the U.S. (through the World Bank’s trust fund)
  •  USD 517.8 million from offering FX domestic government debt securities and
  •  USD 69.1 million from international creditors.

The government spent a total of USD 605.0 million on servicing and repaying the FX public debt. In particular, USD 521.4 million was allocated to service and redeem FX domestic government debt securities, USD 37.0 million was used to repay the loan owed to EBRD, and another USD 46.6 million was spent for repaying debt to other international creditors.

In addition, Ukraine repaid USD 118.8 million to the International Monetary Fund.

second, the NBU’s FX interbank transactions

Last month, the NBU sold USD 1,632.7 million on the FX market and bought USD 63.9 million to replenish international reserves. As a result, the NBU was a net seller of USD 1,568.8 million in foreign currency in November.

The NBU’s interventions to sell foreign currency have been reducing for the second consecutive month. Such trend in November is associated with steady FX inflows from exporters primarily in the agro-industrial complex.

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

Last month, the value of these instruments increased by USD 380.7 million.

International reserves are now covering 3.5 months of future imports, which is sufficient for Ukraine to meet its commitments, and for the government and the NBU to make their current transactions.

Data on international reserves and FX liquidity are compiled and published on a monthly basis:  

  • for preliminary data, no later than on the seventh 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 are presented in the U.S. dollar equivalent.

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