International reserves increased to 31.9 billion dollars. USA according to the results of March, having reached an eleven-year high


As of April 1, 2023, Ukraine’s international reserves, according to preliminary data, amounted to $31,878.2 million. USA. 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.

First, receipts for the benefit of the government and payments for the maintenance and repayment of the public debt.

USD 5,105.4 million was deposited into the government’s foreign currency accounts at the National Bank. USA. From this amount:

  • 1,756.6 million dollars. USA – from the Government of Canada;
  • 1,617.1 million dollars. USA – from the EU;
  • 1,253.1 million dollars. USA – from the United States (through the World Bank Trust Fund);
  • 2.2 million dollars. USA – from the International Development Association (IDA), which is part of the World Bank;
  • 476.5 million dollars. USA – from the placement of currency bonds of the domestic government loan (OVDP).

The Government of Ukraine paid 486.8 million dollars for servicing and repayment of the state debt in foreign currency. USA, of which 409.3 million dollars. USA – for servicing and repayment of foreign currency bonds, USD 49.6 million. The USA owes to the World Bank, the rest owes to other international creditors.

In addition, Ukraine paid 638.6 million dollars to the International Monetary Fund. USA.

Secondly, operations of the National Bank on the currency market of Ukraine.

In March 2023, according to balance sheet data, the National Bank sold 1,674.1 million dollars on the foreign exchange market. USA and repurchased to reserves – 5.2 million dollars. USA. Therefore, the net sale of currency by the NBU last month decreased by $783.1 million compared to February 2023. USA – up to 1,668.9 million dollars. USA.

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.

Third, revaluation of financial instruments (as a result of changes in market value and exchange rates).

In March, due to revaluation, the value of financial instruments increased by 697.6 million dollars. USA.

The current volume of international reserves provides financing for 4.2 months of future imports.

Data on international reserves and liquidity in foreign currency are compiled and published monthly:

  • no later than the seventh day of the month following the reporting month – preliminary data;
  • no later than the 21st day of the month following the reporting month – updated data.

Detailed data can be viewed at link.

For reference

Data on the volume of Ukraine’s international reserves, public debt management operations, as well as revaluation of financial instruments are given in equivalent to the US dollar.

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