Preliminary data showed that as of 1 December 2021, Ukraine's international reserves stood at USD 30,548.5 million. In November, the reserves grew by 3%, primarily due to the disbursement of SDR 500 million from the IMF, the second tranche under the Stand-by Arrangement.
Last month, trends in international reserves were dictated by other factors. Those include:
- transactions related to public debt management.
FX inflows to the government amounted to USD 493.1 million, of which EUR 250.0 million was provided by Cargill Financial Services International, Inc., and EUR 167.4 million came from the issue of domestic government debt securities.
The government spent an equivalent of USD 481.7 million on the servicing and repayment of FX public debt. That includes the USD 251.3 million that went towards the servicing and repayment of domestic government debt securities, and the USD 145.2 million that was spent on the servicing of Eurobonds. The rest of the funds went to meet the government’s other FX commitments.
Moreover, in November, the government and the NBU repaid USD 64.4 million to the IMF.
At the beginning of November, FX supply in the interbank FX market exceeded demand. At the same time, at the end of the month, the the tables turned. The regulator bought USD 1,177.8 million and sold USD 792.6 million to smooth out excessive exchange rate fluctuations.
Overall in November, the NBU made net FX purchases of USD 385.2 million in the interbank FX market
- 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 135.6 million last month.
International reserves now cover four 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, the amount of funds that goes towards the servicing and repayment of FX public debt, FX revenues of the government, as well as changes in the value of financial instruments, are presented in U.S. dollars as per the official exchange rate set by the NBU on 1 December 2021.