As of November 1, 2024, the international reserves of Ukraine, according to preliminary data, amounted to USD 36,578.1 million, in October they decreased by 6.0%.
This is stated in the message of the NBU, the Ukrainian News agency reports.
Despite the decrease, the volume of international reserves is sufficient to preserve the stability of the foreign exchange market.
According to the forecast of the National Bank, the level of international reserves at the end of December 2024 will reach USD 43.6 billion, taking into account the financing assurances provided by partners.
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 offset by proceeds from international partners and from the placement of foreign currency domestic government loan bonds.
In general, during October 2024, the dynamics of international reserves was determined by a number of factors.
First, the operations of the National Bank on the currency market of Ukraine.
According to balance sheet data, the National Bank sold USD 3,429.9 million on the foreign exchange market and bought back USD 2.0 million for reserves.
So, the net sale of currency by the NBU in October amounted to USD 3,427.9 million.
Second, receipts for the benefit of the government and payments for the maintenance and repayment of the public debt.
The government's foreign currency accounts at the National Bank received USD 1,991.4 million.
From this amount:
– USD 1,111.2 million – from the International Monetary Fund.
– USD 569.1 million – from the placement of foreign currency domestic government loan bonds;
– USD 289.5 million – from the Government of Canada;
– USD 21.6 million – grant funds from the Government of Serbia.
USD 943.4 million was paid for servicing and repayment of the state debt in foreign currency, of which:
– USD 710.0 million – servicing and repayment of foreign currency domestic government loan bonds;
– USD 186.0 million – servicing and debt repayment to the World Bank;
– USD 21.6 million – servicing and debt repayment to the EIB;
– USD 11.6 million – debt servicing to the EU;
– USD 14.2 million – payment to other international creditors.
Besides, Ukraine paid USD 87.9 million to the International Monetary Fund.
Third, revaluation of financial instruments (due to changes in market value and exchange rates).
In October, due to revaluation, the value of financial instruments increased by USD 143.8 million.
The current volume of international reserves provides financing for 4.6 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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