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International Reserves Rise to New 11-Year High of USD 35.9 Billion in April

International Reserves Rise to New 11-Year High of USD 35.9 Billion in April

Preliminary data showed that, as of 1 May 2023, Ukraine's international reserves stood at USD 35,943.2 million. This is the highest level in the past 11 years (last time the reserves exceeded this level in August 2011).

In April 2023, international reserves increased by 13% due to inflows from international partners amid further decreasing net FX sales by the NBU and moderate FX debt repayments by the state.

Overall, international reserve dynamics throughout April 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 5,851.6 million was received to the government's FX accounts with the NBU. Whereof:

  • USD 2,706.5 billion from the IMF under the new Extended Fund Facility Arrangement
  • USD 1,652.5 million of macrofinancial assistance from the EU
  • USD 1,250.0 million from the United States (through the World Bank's trust fund)
  • USD 242.6 million from the placement of FX domestic government debt securities.

Ukraine's government spent USD 446.0 million to service and repay FX public debt. That included USD 282.7 million in repayments on FX domestic government debt securities and USD 113.1 million to repay the debt to the World Bank. The rest went towards meeting the country's liabilities to other international creditors.

In addition, Ukraine paid USD 107.4 million to the International Monetary Fund.

Second, NBU transactions in the Ukrainian FX market

In April 2023, the NBU sold USD 1,374.1 million in the FX market and bought USD 3.7 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales thus fell to USD 1,370.4 million in April, down by USD 298.5 million from March 2023.

The NBU's interventions to sell foreign currency in Ukraine's FX market have declined in volume for the fourth month in a row. This trend in April was driven by both sectoral factors (lower energy imports, increased sales of foreign currency for the sowing campaign, and some uptake of metals-and-mining companies) and further restrictions on unproductive capital outflows from Ukraine. Besides, the exchange rate expectations stabilized thanks to 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 128.7 million in April due to revaluation.

International reserves are now covering 4.7 months of future imports

Data on international reserves and FX liquidity are compiled and published 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.

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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