As of 1 September 2022, Ukraine’s international reserves stood at USD 25,436.0 million, according to preliminary data. In August the international reserves increased by 13.6% on the account of substantial international aid against moderate public debt repayments in foreign currency and fewer NBU interventions on FX sales.
Overall, international reserves dynamics in August were driven by:
first, foreign partner assistance and transactions to manage public debt.
A total of USD 4,788.4 million in FX inflows was credited to the government’s accounts with the NBU in August, specifically:
- USD 3,030.9 million came in from the U.S. (through the World Bank),
- USD 1,015.6 million – from the EU,
- USD 349.3 million – from the Canadian government,
- USD 205.6 million from the Italian government, and
- USD 99.6 million from the issuing of FX domestic government debt securities, and
- USD 87.4 million – from other creditors.
The government spent an equivalent of USD 171.9 million on servicing and repaying the FX public debt. Whereof USD 165.4 million went towards servicing and repaying debt to international creditors, and USD 6.5 million was spent on servicing domestic government debt securities.
In addition, Ukraine repaid USD 221.1 million to the IMF.
second, the NBU’s transactions in the interbank FX market.
The NBU sold USD 1,641.4 million and bought USD 311.7 million in the FX market to replenish international reserves. As a result, the NBU was a net seller of USD 1,329.7 in foreign currency in July.
In August, net FX sales were a bit higher in contrast to July, however remained much lower than the NBU’s intervention balance in April, May or June. The NBU decreased net FX sales due to adjusting the official UAH/USD exchange rate as of 21 July 2022 (to UAH 36.57 per USD 1).
third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations). These instruments declined in value by an equivalent of USD 16.4 million last month.
International reserves now cover 4.0 months of future imports, 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.
Data on Ukraine’s international reserves are presented in a U.S. dollar equivalent.