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5.2.3 Gross international reserves
Ukraine’s international reserves rose to $27.951bn on December 1, Interfax Ukraine reported on December 6.
This is an increase of over $2bn compared to November, when international reserves stood at $25.244bn, according to the National Bank of Ukraine (NBU).
"As of December 1, 2022, Ukraine's international reserves, according to preliminary data, amounted to $27.951bn. In November, reserves grew by 10.7% due to stable receipts of international assistance, smaller net sales of foreign currency by the National Bank and moderate debt payments of the country in foreign currency," the NBU said.
Last month, the NBU sharply improved its international reserves forecast for the end of the year by $5.2bn to $26bn, which is well over the requisite three months of import cover. At the same time, the forecast for 2023 predicts that reserves will decrease to $21.7bn.
International reserves in December 2021 were $30.598bn and peaked in January 2022 at $30.941bn. However, Russia’s full-scale invasion depleted reserves rapidly, which dropped to a low of $22.387bn in August. Chart
The NBU is printing UAH30bn ($812mn) a month to financially support Ukraine, which is facing a budget deficit of $38bn next year. The EU has pledged €18bn in support for 2023 to help with the deficit, alongside the US, which will provide $1.5bn a month.
29 UKRAINE Country Report January 2023 www.intellinews.com