International Reserves at USD 36.6 Billion in October
Preliminary data show that, as of 1 November 2024, Ukraine"s international reserves stood at USD 36,578.1 million.
In October, reserves decreased by 6.0%.
Despite the decrease, the international reserves are sufficient for maintaining the FX market sustainability.
According to the NBU’s forecast, the international reserves will reach USD 43.6 billion in December 2024 considering financing assurances provided by the partners.
In October, dynamics of the international reserves 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 only partially offset by funding received from international partners and inflows from the placement of FX domestic government debt securities.
International reserve dynamics were generally driven by a number of factors:
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 3,429.9 million on the FX market and bought USD 2.0 million to replenish international reserves, according to balance sheet data.
As a result, the NBU was a net seller of USD 3,427.9 million in foreign currency in October.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 1,991.4 million came into the government"s FX accounts with the NBU.
This amount included:
USD 1,111.2 million from the International Monetary Fund
USD 569.1 million from the issuing of FX domestic government debt securities
USD 289 million from the Canadian government.
A total of USD 943.4 million was spent on servicing and repaying the FX public debt.
This included:
USD 710.0 million to service and redeem FX domestic government debt securities
USD 186.0 million to service and repay the debt to the World Bank
USD 21.6 million to service and repay the debt to the EIB
USD 11.6 million to service the debt to the EU
USD 14.2 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 87.9 million to the International Monetary Fund.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
In October, financial instruments increased in value by USD 143.8 million due to revaluation.
International reserves are now covering 4.6 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.
