Ukraine’s international reserves as of the end of October 2024: USD 36.6 billion

Photo: depositphotos.

As of 1 November 2024, Ukraine’s international reserves, according to preliminary data, amounted to USD 36,578.1 million. This is a 6% decrease compared to the previous month. Despite the decrease, the level of reserves is still sufficient to ensure the stability of the country’s foreign exchange market. This is reported by the news portal TimeUkraineIsrael with reference to the press service of the National Bank of Ukraine (NBU).

Forecast for the end of 2024: reserves will increase to USD 43.6 billion

According to the NBU’s forecasts, Ukraine’s international reserves are expected to increase to USD 43.6 billion by the end of 2024. This growth is expected to be driven by financial assurances from international partners, including loan proceeds and assistance from global financial institutions.

Factors that influenced the dynamics of provisions in October

The NBU’s operations on the foreign exchange market were one of the main factors behind the change in international reserves in October. In particular, to cover the structural shortage of foreign currency and smooth out exchange rate fluctuations, the NBU intervened in the FX market, which was partially offset by receipts from international partners.

1. Operations on the foreign exchange market: The NBU sold USD 3,429.9 million on the foreign exchange market and purchased only USD 2 million. Net sales of foreign currency in October amounted to USD 3,427.9 million.
2. Government receipts and debt payments: The Government’s foreign currency accounts received USD 1,991.4 million, including:
   • USD 1,111.2 million from the International Monetary Fund (IMF),
   • USD 569.1 million from the placement of foreign currency domestic government bonds (OVDPs),
   • 289.5 million from the Government of Canada,
   • USD 21.6 million in grants from the Government of Serbia.
   However, along with these receipts, Ukraine made significant payments for servicing and repayment of the public debt, which totalled USD 943.4 million. In particular, out of this amount

   :Polylang placeholder do not modify

3. Revaluation of financial instruments: Revaluation of financial instruments in October resulted in an increase in the value of provisions by USD 143.8 million.

Reliability of reserves and prospects for import financing

Despite a slight decline, the current level of Ukraine’s international reserves is sufficient to finance 4.6 months of future imports, which is an important factor in maintaining economic stability.

Provisioning dynamics: future reports and updated data

Data on Ukraine’s international reserves and foreign currency liquidity are published on a monthly basis. Preliminary data are provided no later than the seventh day of the following month, and revised data are provided by the 21st day. Thus, the public will soon have access to more detailed and accurate indicators.

According to the press service of the National Bank of Ukraine, the current level of reserves is sufficient to maintain economic stability and ensure the stability of the foreign exchange market in Ukraine in a difficult geopolitical situation.