Ukraine sees record volume of international reserves, nearly $39bn

Ukraine sees record volume of international reserves, nearly $39bn

International reserves have increased to a record level / bne IntelliNews

By Dominic Culverwell in Kyiv July 7, 2023

Ukraine has recorded its highest volume of international reserves, reaching nearly $39bn, Andriy Pishnyi, the head of the National Bank of Ukraine (NBU), wrote on July 6. (chart)

In June, Ukraine received $1.6bn from the EU, $1.2bn from the USA, $69.1mn from the World Bank and $15mn from Finland. Additionally, the International Monetary Fund (IMF) distributed another tranche of the extended financing program – $886mn.

“This support is not charity; it is a well-calculated decision that takes into account Ukraine's ability to ensure the efficiency of the financial sector, fulfil its commitments, and continue to implement the necessary reforms,” Pishnyi wrote on Facebook.

“As a result, the proceeds from international partners remained significantly higher than the NBU's interventions to sell foreign currency and the country's debt payments in foreign currency,” he added.

Ukraine's international reserves last month achieved their highest level since August 2011, amounting to $37.3bn.

The current level has surpassed estimations from experts in March 2023. IER/GET predicted international reserves will amount to $33bn by the end of the year, whilst Sense Bank saw a decline to $26.3bn. The average estimation came in at $29.5bn.

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