Ukraine’s intl reserves grow by 9.1% in Nov – National Bank

Ukraine's international reserves increased by $3.344 billion, or 9.1%, in November, reaching $39.925 billion as of December 1, 2024, according to preliminary data from the National Bank of Ukraine (NBU).

"Such dynamics were driven by large inflows from international partners on the one hand, and decreased net FX sales by the NBU on the other hand," the NBU stated on its website on Thursday.

In November, the government's FX accounts at the NBU received $6.677 billion, including: $4.788 billion from the World Bank; $1.35 billion from the United States; $235 million from Japan; $192 million from the issuance of foreign currency government domestic loan bonds; $100 million from South Korea, and $13 million from other partners.

Simultaneously, $434 million was spent on servicing and repaying foreign currency public debt, including $311 million for foreign currency government bonds. Additionally, Ukraine paid $264 million to the International Monetary Fund (IMF).

The National Bank sold $2.712 billion on the FX market, while purchasing only $4.4 million to add to reserves.

The NBU also reported that the value of financial instruments increased by $72 million in November due to revaluation.

"International reserves are now covering 5.0 months of future imports," the NBU said.

According to the NBU's website, net international reserves grew even more significantly in November, increasing by $3.5 billion, or 15.6%, to $25.939 billion.

As previously reported, in late October, the NBU raised its forecast for international reserves at the end of 2024-2026 by $2.4-3.7 billion. The revised projections anticipate that international reserves will reach $43.6 billion by the end of 2024 before decreasing to $41 billion in 2025.