International reserves of Ukraine hold a record for 11 years – in April they increased by another 13%
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As of May 1, 2023, Ukraine’s international reserves amounted to $35.9 billion, which is a record figure since August 2011.
It is reported press service of the National Bank in view of the previous data on the amount of reserves.
In April, reserves increased by 13% to 35.9 billion dollars. thanks to receipts from international partners against the background of a further decrease in net interbank currency sales and moderate debt payments in foreign currency.
Last month, reserves were primarily affected by the amount of international financial aid. The government’s currency accounts at the NBU received 5.85 billion dollars, in particular – 2.7 billion dollars from the IMF, 1.7 billion dollars of macro-financial assistance from the EU, 1.25 billion dollars from the USA and 242 billion dollars from the placement of domestic currency bonds.
On the other hand, the government paid out 446 million dollars for servicing and repayment of the state debt in foreign currency, of which 282.7 million dollars – for servicing and repayment of foreign currency government bonds, 113.1 million dollars – debt to the World Bank, the rest – debt to others international creditors. In addition, Ukraine paid 107.4 million dollars to the International Monetary Fund. USA.
As for the operations of the NBU on the foreign exchange market, in April the regulator sold $1.37 billion from reserves and bought back $3.7 million from reserves. The net sale of currency in April decreased compared to March by 298.5 million dollars to 1,370.4 million dollars.
The volume of NBU interventions on the sale of foreign currency on the currency market of Ukraine has decreased for the fourth month in a row. The reasons are a decrease in the import of energy resources, an increase in the sale of foreign currency for planting, and an increase in the work of metallurgical enterprises.
Further restrictions on unproductive capital outflow from Ukraine also have an effect. The NBU says that a consistent monetary policy and a refusal to “print” the hryvnia in 2023 contributed to the stabilization of exchange rate expectations.
Revaluation of financial instruments due to changes in market value and exchange rates also contributed – in April, due to revaluation, the value of financial instruments increased by $128.7 million.
The current volume of international reserves provides financing 4.7 months of future imports.
We remind you:
Last month, international reserves of Ukraine have reached a record level over the past 11 years – 31.88 billion dollars.
Considering the amount of financial assistance received from partner countries, the National Bank expects that the international reserves of Ukraine will grow to 35 billion dollars at the end of the year.
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