Ukraine’s international reserves reach $39.9B as of Dec 1 – NBU

That is according to the National Bank of Ukraine, Ukrinform reports.

“As of 1 December 2024, Ukraine had USD 39,924.7 million in international reserves, preliminary data show. In November, the international reserves grew by 9.1%.  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 report says.

As noted, international reserve dynamics were generally driven by a number of factors. First, inflows to the government’s accounts and the servicing and repayment of public debt.

Thus, a total of USD 6.68 billion came into the government's FX accounts with the NBU. This amount included: USD 4,788.0 million from the World Bank, USD 1,350.0 million from the United States, USD 235.0 million from Japan, USD 191.9 million from the issuing of FX domestic government debt securities, USD 99.9 million from South Korea, and USD 12.9 million from other partners.

A total of USD 433.8 million was spent on servicing and repaying the FX public debt. This included: USD 311.0 million to service and redeem FX domestic government debt securities, USD 44.7 million to service and repay the debt to the EIB, USD 29.5 million to service and repay debt to the EBRD, USD 21.2 million to service and repay the debt to the World Bank, USD 27.4 million to meet the country’s liabilities to other international creditors. In addition, Ukraine repaid USD 263.8 million to the International Monetary Fund.

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The second factor was the NBU's erations on the foreign exchange market. The NBU sd USD 2,712.0 million on the FX market and bought USD 4.4 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 2,707.6 million in net FX sales in November, this was 21% less than in October.

In addition, in November, financial instruments increased in value by USD 71.9 million due to revaluation.

As reported by Ukrinform, the National Bank of Ukraine projects that Ukraine’s international reserves will exceed $40 billion before the end of 2024.