Reserves of Ukraine updated their historical record

In March, Ukraine paid $363.5 million to service and repay its national debt and another $728.5 million to the IMF.

At the end of March, Ukraine’s international reserves increased by 18% to $43.763 billion. This is a new historical record, the National Bank reported on Friday, April 5.

“This dynamics is due to the significant (more than $9 billion) amount of receipts from international partners, which exceeded the net sale of foreign currency by the National Bank and the payments of the country’s debt in foreign currency,” said the statement.

In total, $9.32 billion was transferred to the foreign exchange account of the Cabinet of Ministers in March, while $363.5 million was paid for the servicing and repayment of the national debt. Ukraine also paid $728.5 million to the IMF.

Among other factors that determine the amount of reserves, the NBU named foreign exchange market operations: in March, the regulator’s net sales of foreign currency reached $1.79 billion, which is 18.5% more than last month

According to balance sheet data, the NBU sold $1.81 billion in the foreign exchange market and bought back $25.9 million for reserves.

The Central Bank also noted that the current volume of reserves was positively affected by the revaluation of the value of financial instruments, adding $266.3 million.

“The current volume of international reserves provides financing for 5.8 months of future imports,” the regulator said.

Let’s recall that in July 2023, Ukraine’s reserves set an initial historical record of $41.7 billion. After that, they refused for four consecutive months. Only in December did reserves increase due to foreign exchange earnings from foreign partners.

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