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International Reserves in June Approach USD 39 Billion – Highest Level on Record since Ukraine’s Independence

International Reserves in June Approach USD 39 Billion – Highest Level on Record since Ukraine’s Independence

Ukraine had USD 38,999.5 million in international reserves as of 1 July 2023, preliminary data show. In June, the reserves increased by 4.5%, reaching a new record high since Ukraine gained its independence. Previously, the maximum was USD 38,351.7 billion, recorded on 1 May 2011.

In June 2023, international reserves continued to increase thanks to sustained 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 last month 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 4,286.4 million was received to the government's FX accounts with the NBU. That included:

  • USD 1,648.3 million of macrofinancial assistance from the EU
  • USD 1,199.7 million from the United States (through the World Bank's trust fund)
  • USD 886.0 million as the second tranche under the Extended Fund Facility of the International Monetary Fund
  • USD 468.4 million from the placement of FX domestic government debt securities
  • USD 69.1 million from the World Bank
  • USD 15.0 million from the government of Finland.

The government of Ukraine spent a total of USD 704.7 million on servicing and repaying the FX public debt. In particular, USD 595.9 million was allocated to service and redeem FX domestic government debt securities, USD 52.8 million was paid to service the debt to the World Bank, and the rest was spent on servicing debt to other international creditors.

In addition, Ukraine repaid USD 171.7 million to the International Monetary Fund.

Second, the NBU’s transactions on the Ukrainian FX market

In June 2023, the NBU sold USD 1,862.9 million in the FX market and bought USD 49.6 million to replenish international reserves, according to balance sheet data. The NBU's net FX sales therefore decreased to USD 1,813.3 million compared to May.

Inflows from international partners remained much larger than the FX sale interventions conducted 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 increased by USD 81.3 million in June due to revaluation.

International reserves are now covering 5.2 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. The data are available here.
For reference

Data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.

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