The reserves of Ukraine have been updated by the maximum for 11 years

The government’s foreign currency accounts at the National Bank received about $6 billion in April. This is the largest foreign aid receipt since the beginning of the war with Russia.

As of May 1, Ukraine’s international reserves amounted to $35 billion 943.2 million. This is a record level in the past 11 years (since August 2011), the National Bank reported on Thursday, May 4.

“In April, reserves increased by 13% (by $4.065 billion – ed.) due to receipts from international partners against the backdrop of a further decrease in the volume of net sales of foreign currency by the National Bank and the modest repayment of the country’s foreign currency debt,” the report said.

The Government’s foreign currency accounts at the National Bank received $5.852 billion in April:

• $2.707 billion – under the newly expanded IMF financing program;

• $1.653 billion – macro-financial assistance from the EU;

• $1.25 billion – grant from the USA (through the World Bank Trust Fund);

• $0.243 billion – from the placement of foreign currency government bonds (OVGZ).

These foreign aid inflows in April were the largest since the war with Russia began. Reserves are growing for the second month in a row.

The government of Ukraine also paid $446.0 million for the servicing and repayment of the state debt in foreign currency, of which $282.7 million – for the servicing and repayment of foreign currencies in government bonds, $113.1 million – debt to the World Bank , the remaining debt to other international creditors. In addition, Ukraine paid $107.4 million to the International Monetary Fund.

The NBU said its net sales of foreign currency in April fell for the fourth consecutive month, down $0.299 billion from March, to $1.370 billion.

“Such dynamics in April are also due to industrial factors (a decrease in imports of energy resources, an increase in foreign currency sales for the sowing campaign, a certain intensification of the work of mining and metallurgical enterprises) and the subsequent limitation of unproductive capital. outflow from Ukraine,” said the regulator.

In addition, the monetary policy of the NBU, aimed at increasing the attractiveness of Hryvnia assets, and the refusal to directly finance the budget deficit in 2023 contributed to the stabilization of exchange rate expectations, the central bank added.

Also, as a result of changes in market value and exchange rates, the value of financial instruments in reserves increased by $128.7 million.

The current volume of international reserves provides financing for 4.7 months of future imports, the National Bank emphasized.

As reported, at the end of April, the NBU raised the forecast of Ukraine’s international reserves at the end of 2023 to $34.5 billion from $27 billion in January.

It was also noted that by the end of 2022, the NBU transferred a record amount to the budget.

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