International reserves down 1.8% to USD 37.2 billion in July

As of August 1, 2024, the international reserves of Ukraine, according to preliminary data, amounted to USD 37,231.9 million, in July they decreased by 1.8%.

This is stated in the message of the NBU, the Ukrainian News agency reports.

Such dynamics are caused by the NBU's currency interventions to cover the structural currency deficit on the market and smooth out exchange rate fluctuations, as well as the country's debt payments in foreign currency.

These operations were partially compensated by income from international partners and from the placement of foreign currency domestic government loan bonds (currency bonds).

In general, during June 2024, the dynamics of international reserves was determined by a number of factors.

First, it was the operations of the National Bank in the foreign exchange market of Ukraine.

According to the balance sheet data, the National Bank sold USD 3,305.0 million in the foreign exchange market and bought back USD 1.8 million to reserves.

Consequently, the net sale of currency by the NBU in July was USD 3,305.0 million.

Secondly, it was revenues in favor of the government and payments for servicing and repayment of state debt.

USD 2,482.7 million was deposited into the government's currency accounts at the National Bank. Of this amount:

- USD 2,197.0 million from the International Monetary Fund;

- USD 285.7 million - from the placement of foreign currency domestic government loan bond.;

USD 185.0 million was paid for servicing and repayment of the state debt in foreign currency, of which:

- USD 77.0 million – servicing and repayment of debt to the World Bank;

- USD 70.5 million – payments on government derivatives;

- USD 20.1 million - servicing and repayment of foreign currency bonds;

- USD 17.4 million - payment to other international creditors.

The third factor was the revaluation of financial instruments (due to changes in market value and exchange rates).

In July, due to revaluation, the value of financial tools increased by USD 342.9 million.

The current volume of international reserves provides financing for 4.8 months of future imports.

As the Ukrainian News agency earlier reported, Ukraine's international reserves increased by 42% in 2023 and exceeded USD 40.5 billion.

In 2022, international reserves decreased by 7.9% to USD 28.5 billion.

In 2021, international reserves increased by 6% to USD 30.941 billion.

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