In March, international reserves rose to an 11-year high by 10% to USD 31.9 billion.
This is evidenced by the data of the National Bank of Ukraine (NBU), Ukrainian News Agency reports.
As of April 1, 2023, Ukraine's international reserves, according to preliminary data, amounted to USD 31,878.2 million.
This amount of reserves is a record for the last 11 years (a larger amount than the above was recorded back in November 2011).
In March, reserves increased by 10% thanks to receipts from international partners against the background of lower volumes of net sales of currency by the National Bank and moderate debt payments of the country in foreign currency.
In general, during March 2023, the dynamics of international reserves was determined by a number of factors.
Proceeds 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 5,105.4 million. From this amount:
USD 1,756.6 million - from the Government of Canada;
USD 1,617.1 million - from the EU;
USD 1,253.1 million - from the United States (through the World Bank Trust Fund);
USD 2.2 million from the International Development Association (IDA), which is part of the World Bank;
USD 476.5 million - from the placement of currency bonds of the domestic state loan (government bonds).
The Government of Ukraine paid USD 486.8 million for servicing and repayment of the state debt in foreign currency, of which USD 409.3 million - for servicing and repayment of foreign currency government bonds, USD 49.6 million - debt to the World Bank, the rest - debt to other international creditors.
In addition, Ukraine paid USD 638.6 million to the International Monetary Fund.
In March 2023, according to balance sheet data, the National Bank sold USD 1,674.1 million on the foreign exchange market and bought back USD 5.2 million for reserves.
Therefore, the net sale of currency by the NBU last month decreased by USD 783.1 million compared to February 2023, to USD 1,668.9 million.
The volumes of NBU interventions on the sale of foreign currency on the foreign exchange market of Ukraine have decreased for the third month in a row.
Such a dynamic in March is due to several factors: a seasonal factor, limitation of unproductive capital outflow (including due to regulation of activities in the field of gambling business) and stabilization of exchange rate expectations.
The latter was facilitated by 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.
The current volume of international reserves provides financing for 4.2 months of future imports.
As Ukrainian News Agency earlier reported, 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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