This has not happened in all the years of independence: Ukraine's foreign exchange reserves have broken a historical record

Ukraine's foreign exchange reserves increased
Ukraine's foreign exchange reserves increased

In June, Ukraine's international (foreign exchange) reserves increased by 4.5 per cent to almost $39 billion, the highest level in the history of Ukraine's independence. For example, at the beginning of the full-scale war, on the morning of 24 February 2022, the foreign reserves stood at $27.42 billion.

This was reported by the National Bank of Ukraine (NBU). Prior to this result, the highest level was recorded on 1 May 2011 - $38.3 billion.

"This result was achieved due to steady and rhythmic inflows from international partners, which exceeded the NBU's net sale of foreign currency and the country's debt payments in foreign currency," the NBU explained.

The current level of reserves covers financing 5.2 months of further exports. According to international standards, the level of 3 months of coverage is considered "normal".

What influenced the volume of foreign reserves in June

  • Foreign exchange earnings on the government's accounts totalled $4.28 billion in the month. Ukraine spent only $704.7 million on debt service. Ukraine returned another $118.8 million to the International Monetary Fund (IMF).
  • NBU operations on the interbank market. The NBU sold $1.86bn and bought back $49.6m. Net sales of foreign currency amounted to $1.81bn.
  • Exchange rate. The valuation of financial instruments increased by $81.3 million.

As OBOZREVATEL previously reported, Ukraine received the second tranche from the IMF under the $15 billion Extended Fund Facility (EFF) in July. The tranche is worth $890 million.

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