Ukraine’s international reserves increased to $49.1 billion at the beginning of November. The National Bank of Ukraine reported this on November 5, UNN writes.
Ukraine’s international reserves stood at $49.1 billion, according to preliminary data. In October, they increased by 4.2%
The increase, as explained by the NBU, was driven by foreign currency receipts from international partners, which exceeded the National Bank’s net foreign currency sales and the country’s foreign currency debt payments.
How much Ukraine received from international partners
As stated, $3,690.5 million was received in October in the government’s foreign currency accounts at the NBU, including:
- $3,285.9 million – from the EU;
- $404.6 million – through the accounts of the World Bank.
In addition, Ukraine received $4.6 billion from the European Union as part of the defense tranche under the Ukraine Support Loan program.
These funds are not included in Ukraine’s international reserves due to their restricted (targeted) purpose of use. However, if the government sells them to the National Bank in exchange for hryvnia for subsequent use for their intended purpose, international reserves increase by the corresponding amount. In October, the government converted $4.6 billion of these funds into hryvnia, which accordingly contributed to the increase in international reserves.
How much debt was repaid
$242.3 million was paid for servicing and repaying government debt in foreign currency. In addition, Ukraine paid $252.8 million to the International Monetary Fund.
How much foreign currency was sold
According to balance sheet data, in October the NBU sold $6,051.2 million and bought $0.4 million on the foreign exchange market. Net foreign currency sales amounted to $6,050.8 million .
"The current level of international reserves covers 4.2 months of future imports and is sufficient to maintain the stability of the foreign exchange market," the NBU emphasized.