Ukraine’s international reserves reach about $37.1B as of Mar 1

The relevant statement was made by the National Bank of Ukraine (NBU), an Ukrinform correspondent reports.

“As of March 1, 2024, according to the preliminary data, Ukraine’s international reserves reached $37,052.0 million. In February 2024, they decreased by 3.8%. Such dynamics was driven by the NBU’s interventions to preserve the sustainability of the exchange rate and Ukraine’s foreign currency debt repayments, which were partially compensated by funding from international partners,” the report states. 

The above dynamics was determined by a number of factors.

Firstly, the NBU’s transactions on the foreign exchange market of Ukraine. In February 2024, the NBU sold $1,540.6 million on the foreign exchange market and bought $31.9 million to replenish reserves. Hence, in contrast to January 2024, the net sale of foreign currency by the NBU decreased by 1.4 times to $1,508.7 million.

Secondly, inflows into the Government’s accounts, as well as public debt servicing and repayment. In February 2024, the NBU foreign currency accounts of the Government of Ukraine received $1,336.2 million. A total of $1,129.5 million was transferred to service and repay the foreign exchange public debt. Additionally, Ukraine paid $379.0 million to the International Monetary Fund (IMF).

Thirdly, the revaluation of financial instruments due to changes in the market value and exchange rates. In February 2024, their cost increased by $199.5 million.

A reminder that, as of January 1, 2024, Ukraine’s international reserves reached $40.5 billion, having increased by 42% in 2023.