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Ukraine’s international reserves fell 4.9% in January 2024

In January 2024, Ukraine’s international reserves fell 4.9% to $38.525 billion, according to the National Bank of Ukraine.

Quote"These dynamics were driven by NBU FX interventions to preserve the sustainability of the exchange rate, by Ukraine’s FX debt repayments, and by lower international aid inflows than in previous months," the bank explained.

Why Ukraine’s international reserves decreased in January 2024

The National Bank performed the following transactions in January 2024:

  • $2,549.1 million sold by the NBU in the FX market;
  • $16 million bought to replenish the reserves; which adds up to
  • $2,533,1 million in net FX sales in January, down by 29% from December

A total of $898.9 million came into the government's FX accounts with the NBU in January 2024, including:

  • $512.1 million from the placement of FX domestic government debt securities;
  • $386.8 million in loans and grants from Japan that came through the World Bank.

Ukraine paid $441.6 million in public debt repayment in January 2024, including:

  • $368.5 million to service and redeem FX domestic government debt securities;
  • $69.6 million to service and redeem debt to the World Bank;
  • $3.5 million to meet the country’s liabilities to other international creditors.
Quote"International reserves at their current level are covering 5.1 months of future Ukraine’s imports," the National Bank noted.

Although international reserves fell in January 2024, they are still almost 30% larger than a year ago.

In 2023, Ukraine’s international reserves rose by 42%. On January 1, 2024, they were more than $40,5 billion.

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