Ukraine's international reserves fell by 8.1% in September to $38.9bn

Ukraine's international reserves fell by 8.1% in September to $38.9bn

Ukraine's international reserves fell by 8.1% in September to $38.9bn / bne IntelliNews

By bne IntelliNews October 8, 2024

Ukraine's international reserves fell by 8.1% in September to $38.9bn, the National Bank of Ukraine (NBU) reported on October 7. (chart)

The decline resulted from the central bank's currency interventions aimed at addressing the structural currency deficit and stabilising exchange rate fluctuations.

Additionally, significant debt payments in foreign currency further drained reserves, despite some offset from government foreign currency bonds and one of the lowest volumes of international aid received this year, after a large influx in August.

Key factors affecting reserve dynamics in September include:

The NBU sold $3.2bn on the foreign exchange market while buying back only $0.6mn for reserves.
$674.7mn was added to the government’s foreign currency accounts through the issuance of foreign currency bonds, supported by the World Bank and the Council of Europe Development Bank (CEB).
Ukraine made foreign currency debt payments, including $552.4mn for government bonds, $52.1mn to the World Bank, $729.8mn to the IMF and $44mn to other international creditors.

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