International Reserves at USD 38.9 billion as of End-September

As of 1 October 2024, Ukraine had USD 38,898.6 million in international reserves, early data show.
In September, they declined by 8.1%.
Such dynamics were driven by the NBU’s FX interventions to compensate for the structural deficit of foreign currency and smooth out exchange rate fluctuations, as well as by Ukraine’s FX debt repayments.
These transactions were partially offset by proceeds from the placement of FX domestic government debt securities and inflows of international assistance in September, which were ones of the smallest since the beginning of the year, following the large inflows in August.
This has once again shown the irregularity of assistance inflows from international partners, which is typical for this time of the year.
Overall, international reserves dynamics in September 2024 were driven by a number of factors.
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 3,213.8 million on the FX market and bought USD 0.6 million to replenish international reserves, according to balance sheet data.
As a result, the NBU was a net seller of USD 3,213.2 million in foreign currency in September.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 674.7 million came into the government"s FX accounts with the NBU.
This amount included:
USD 603.6 million from the issuing of FX domestic government debt securities USD 60.0 million from the World Bank USD 11.1 million from the Council of Europe Development Bank. A total of USD 552.4 million was spent on servicing and repaying the FX public debt.
This included:
USD 456.3 million to service and redeem FX domestic government debt securities USD 52.1 million to service and repay the debt to the World Bank USD 44.0 million to meet the country’s liabilities to other international creditors. In addition, Ukraine repaid USD 729.8 million to the International Monetary Fund.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
In September, financial instruments increased in value by USD 381.8 million due to revaluation.
International reserves are now covering 5.0 months of future imports
The 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: The data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S.
dollar equivalent.