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Ukraine does not plan to stop servicing the public debt — NBU Governor

Kyrylo Shevchenko. Photo: Euromoney

Kyrylo Shevchenko. Photo: Euromoney

As of April 22, Ukraine's international reserves were about $27 billion, they are at the same level as at the beginning of the war. Kyrylo Shevchenko, Governor of the National Bank said this in an interview with Euromoney.

This happened primarily due to the support of international financial institutions that exceeded $4 billion, he explained.

Shevchenko noted that most transactions in the foreign exchange market are now carried out with the participation of the NBU over the forced imposition of restrictions. Ukraine spends its reserves mainly on providing critical imports.

Another cost item of the reserves is the servicing of the public debt that Ukraine has not stopped and does not plan to stop. Shevchenko called it "the only right strategy."

The NBU Governor also informed that the dollar exchange rate on the "black" market today is not too different from the official one, fixed at the beginning of the war: 33 UAH per dollar against 29.25 UAH. In the first days after the Russian invasion, it reached 39-40 UAH.

The amount of deposits in banks from the beginning of the war to April 22 increased by 83.6 billion UAH, including hryvnia deposits of individuals that increased by 21.6%.

Shevchenko believes that Ukrainian banks have a sufficient supply of quality assets and have access to refinancing instruments. Having obtained in the first days of the war a blank refinancing for a year in the amount of 32.3 billion UAH, today they have already repaid a large amount ahead of schedule, the debt is now 9 billion UAH.

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