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5.2.2 Current account dynamics
The current account surplus in Ukraine widened sharply to $2,018mn in August of 2022 from $36mn in the corresponding month of the previous year.
The secondary income surplus soared to $3,938mn from $373mn and the primary income account recorded a surplus of $818mn, switching from a $452mn deficit. Meanwhile, the goods and services deficit rose to $2,738mn from $160mn. Considering the first eight months of the year, the current account balance swung to a $6,674mn surplus from a $714mn gap in the same period of 2021.
5.2.3 Gross international reserves
Ukraine’s international reserves decreased by 6% in September. As of October 1, 2022, Ukraine's international reserves amounted to $23.9B.
In September, they decreased by 5.9% due to the sale of currency by the National Bank on the interbank market, including sales necessary to meet defense needs and payments to Ukrainians abroad. In September, the NBU sold $2.77B on the foreign exchange market and repurchased $39.4M for its reserves. At the same time, the total amount of funds paid by the government for servicing and repaying state debt in foreign currency amounted to $65.1M. Of this, $63M went to international creditors for debt payments, and $2.1M went to servicing government bonds. In addition, Ukraine paid $624.6M to the
29 UKRAINE Country Report November 2022 www.intellinews.com