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As of July 1, 2024, international reserves of Ukraine decreased to 37,894.2 million US dollars, which is 1.14 billion dollars less compared to the previous month, according to preliminary data of the National Bank of Ukraine.
The decrease in reserves by 2.9% in June was caused, in particular, by the NBU's currency interventions to compensate for the structural deficit in the foreign exchange market and stabilize the exchange rate. In addition, a significant part of the reserves was directed to the payment of the country's external debt in foreign currency.
The National Bank emphasized that these operations are partially balanced by receipts from international partners and placement of currency bonds of the domestic state loan.
In June 2024, several factors determined the dynamics of Ukraine's international reserves. First, the active operations of the NBU on the foreign exchange market, which included the sale of 2,995.5 million US dollars and the purchase of 0.9 million US dollars. Net sales of foreign currency amounted to 2,994.6 million US dollars, which is 2.7% less than in May.
Secondly, significant inflows to the government's accounts in the National Bank were made from the European Union, from the placement of currency bonds and from the World Bank. At the same time, payments were made for service and repayment of external debt in the amount of 444.5 million US dollars, which included service and repayment of currency bonds, debt to the World Bank, Credit Agricole Corporate and Investment Bank and other creditors.
Third, a significant revaluation of financial instruments due to changes in market value and exchange rates caused their value to increase by $111.9 million.
The National Bank of Ukraine emphasized that current international reserves provide financing for almost five months of future imports, which indicates the importance of their effective management and stabilization of the country's financial markets.
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