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International Reserves Rose to 11-Year High of USD 31.9 Billion in March

International Reserves Rose to 11-Year High of USD 31.9 Billion in March

Ukraine has international reserves of USD 31,878.2 million, according to preliminary data available on 1 April 2023. This is the highest level in the past 11 years. The last time the reserves exceeded this mark was in November 2011.

In March 2023, international reserves increased by 10% due to inflows from international partners amid a decreased volume of net FX sales by the NBU and moderate FX debt repayments by the state. 

Overall, international reserve dynamics during March 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 5,105.4 million was credited to the government's FX accounts with the NBU. That included: 

  • USD 1,756.6 million from the Canadian government
  • USD 1,617.1 million from the European Union 
  • USD 1,253 million from the United States (through the World Bank's trust fund)
  • USD 2.2 million from the International Development Association, which is part of the World Bank
  • USD 476.5 million from the placement of FX domestic government debt securities. 

Ukraine's government spent USD 486.8 million to service and repay FX public debt. That included USD 409.3 million in repayments on FX domestic government debt securities and USD 49.6 million to repay the debt to the World Bank. The rest went towards meeting the country's commitments to other international creditors.

In addition, Ukraine repaid USD 638.6 million to the International Monetary Fund.

Second, NBU transactions in the Ukrainian FX market

In March 2023, the NBU sold USD 1,674.1 million in the FX market and bought USD 5.2 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore fell to USD 1,668.9 million in March 2023, down by USD 783.1 million from February.

The NBU's interventions to sell foreign currency in Ukraine's FX market declined in volume for the third month running. The March decrease was driven by several factors: a seasonal factor, restrictions on unproductive capital outflows (including due to the regulation of the gambling business), and the stabilization of exchange rate expectations. The latter was facilitated by the NBU's consistent monetary policy, through which the central bank aimed to make hryvnia assets more attractive, and by the regulator's refusal to directly finance the budget deficit in 2023. 

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 697.6 million in March due to revaluation.

International reserves are now covering 4.2 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 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, public debt management, and the revaluation of financial instruments are presented in U.S. dollars.


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