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International Reserves Increased to USD 37.3 Billion in May, Second Highest to August 2011

International Reserves Increased to USD 37.3 Billion in May, Second Highest to August 2011

Ukraine had USD 37,311.3 million in international reserves as of 1 June 2023, according to preliminary data. In May, international reserves increased by 4% and rose to a new 11-year high. This is the second highest level to August 2011.

International reserves increased thanks to sustainable and regular inflows from international partners, which exceeded the NBU’s net FX sales, and Ukraine’s FX debt repayments.

Overall, international reserve dynamics throughout May 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 4,322.8 million was received to the government's FX accounts with the NBU. That included:

  • USD 1,616.0 million of macrofinancial assistance from the EU USD
  • USD 1,250.0 million from the United States (through the World Bank's trust fund)
  • USD 1,073.7 million from the placement of FX domestic government debt securities.
  • USD 383.1 million from the World Bank.

Ukraine's government spent USD 842.2 million to service and repay FX public debt. That included USD 742.3 million in repayments on FX domestic government debt securities and USD 30.1 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 repaid USD 195.5 million to the International Monetary Fund.

Second, NBU transactions in the Ukrainian FX market

In May 2023, the NBU sold USD 1,962.9 million in the FX market and bought USD 63.3 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore increased to USD 1,899.6 million last month.

This increase came against the depletion of the seasonal factor (increasing FX sales by farmers for the sowing campaign), as well as difficulties in exports to neighboring countries and through the grain corridor. Meanwhile, inflows from international partners were much larger than the net FX sales by the NBU to cover the gap between supply and demand on the Ukrainian FX market.

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

The value of financial instruments decreased by USD 26.8 million in May due to revaluation.

International reserves are now covering 4.9 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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