International Reserves Increase to USD 43.8 Billion in March Hitting New Record High for Independent Ukraine
According to preliminary data, Ukraine had USD 43,762.7 million in international reserves as of 1 April 2024.
In March, the reserves increased by 18%.
Such trends were driven by significant inflows (over USD 9 billion) from international partners, which exceeded the NBU’s net FX sales and Ukraine’s FX debt repayments.
Overall, international reserve dynamics during March 2024 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 9,316.1 million came into the government"s FX accounts with the NBU.
That includes:
USD 4,901.0 million from the EU, which was the first tranche of bridge financing under Ukraine Facility
USD 1,626.1 million from the World Bank guaranteed by Japan and the United Kingdom
USD 1,471.5 million from Canada
USD 880.7 million from the IMF
USD 286.2 million from the placement of FX domestic government debt securities
USD 118.2 million in grants from Japan that came through the World Bank
USD 32.4 million in grants from Serbia.
A total of USD 363.5 million was spent on servicing and repaying the FX public debt.
That included:
USD 275.4 million to service and redeem FX domestic government debt securities
USD 52.7 million to service and repay debt to the World Bank
USD 35.4 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 728.5 million to the International Monetary Fund.
Second, NBU transactions in the Ukrainian FX market
The NBU sold USD 1,813.6 million on the FX market and bought USD 25.9 million to replenish international reserves, according to balance sheet data.
The NBU"s net FX sales therefore amounted to USD 1,787.7 million in March.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
In March, financial instruments increased in value by USD 266.3 million due to revaluation.
International reserves are now covering 5.8 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 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 the U.S.
dollar equivalent.
