A record for the last 11 years: International reserves of Ukraine grew to $35.9 billion
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As of May 1, 2023, according to preliminary data, international reserves amounted to $35.9 billion. This is an updated record level for the past 11 years. This is stated in the message of the NBU.
Photo: epravda.com.ua 35
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In April, reserves grew by 13% due to receipts from international partners, a further decrease in the volume of net sales of currency by the National Bank and moderate debt payments of the country in foreign currency.
What affected the reserves
In general, a number of factors determined the dynamics of international reserves in April 2023.
First, receipts for the benefit of the government and payments for servicing and repayment of the state debt
USD 5,851.6 million was deposited into the government’s currency accounts at the National Bank. USA. From this amount:
- $2,706.5 million — within the framework of the IMF’s new extended financing program;
- $1,652.5 million — macro-financial assistance from the EU;
- $1,250.0 million — from the United States (through the World Bank trust fund);
- $242.6 million is from the placement of currency bonds of the domestic state loan (OVGZ).
The Government of Ukraine paid $446 million for servicing and repayment of the state debt in foreign currency, of which $282.7 million was for servicing and repayment of foreign currency bonds, $113.1 million was a debt to the World Bank, and the rest was a debt to other international creditors.
In addition, Ukraine paid $107.4 million to the International Monetary Fund.
Secondly, operations of the National Bank on the currency market of Ukraine.
In April 2023, the National Bank (according to balance sheet data) sold $1,374.1 million on the foreign exchange market and bought $3.7 million into reserves. Thus, the net sale of foreign currency by the NBU last month decreased by $298 compared to March 2023. 5 million — up to $1,370.4 million.
Volumes of NBU interventions for the sale of foreign currency on the foreign exchange market of Ukraine are decreasing for the fourth month in a row. Such dynamics in April are due to both industry factors (reduction in energy resource imports, increase in the sale of currency for sowing, certain activation of mining and metallurgical enterprises), and the subsequent limitation of unproductive capital outflow from Ukraine. In addition, the NBU’s consistent monetary policy aimed at increasing the attractiveness of hryvnia assets and the refusal to directly finance the budget deficit in 2023 contributed to the stabilization of exchange rate expectations.
Thirdly, revaluation of financial instruments (as a result of changes in market value and exchange rates)
In April, due to revaluation, the value of financial instruments increased by $128.7 million.
The current volume of international reserves provides financing for 4.7 months of future imports.
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Editor of the news feed Yaroslav Holoborodko Writes on the topics: Macroeconomics, stock market, cryptocurrency
Source: Ministry of Finance
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