Ukraine's international reserves are declining for the fourth month in a row

Ukraine's international reserves in March decreased by 5% and amounted to USD 27.03 billion as of April 1, compared to 28.5 billion at the beginning of March, the press service of the National Bank of Ukraine reports.

As explained in the NBU, the reduction was due to significant volumes of repayment of external and internal obligations of the state, but they were partially offset by foreign currency earnings in favor of the government.

What influenced the dynamics of reserves in March:

• Operations for public debt management.

The total volume of payments by the government for servicing and repaying the foreign currency public debt amounted to almost USD 1.3 billion (in equivalent). In particular, USD 570.5 million was spent on servicing domestic government bonds (DGB), USD 325.2 million – on servicing and redeeming DGBs, the rest – on fulfilling other government obligations in foreign currency.

At the same time, foreign currency earnings from the placement of DGBs amounted to USD 473.7 million. In addition, in March, USD 508.2 million (in equivalent) was paid to the International Monetary Fund.

• Revaluation of financial instruments (due to changes in market value and exchange rates).

Last month, their cost decreased by USD 250.3 million (in equivalent).

• Operations of the NBU in the interbank foreign exchange market.

The foreign exchange market was practically balanced for most of the month. At the same time, on some days there was an excess supply of foreign currency on the market, which allowed the NBU to replenish its reserves by USD 50.5 million. The NBU noted that the current volume of international reserves covered 4.3 months of future imports, which was sufficient to fulfill the obligations of Ukraine and the current operations of the government and the National Bank.

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