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5.2.3 Gross international reserves
Ukraine has recorded its highest volume of international reserves, reaching nearly $39bn, Andriy Pishnyi, the head of the National Bank of Ukraine (NBU), wrote on July 6. (chart)
In June, Ukraine received $1.6bn from the EU, $1.2bn from the USA, $69.1mn from the World Bank and $15mn from Finland. Additionally, the International Monetary Fund (IMF) distributed another tranche of the extended financing program – $886mn.
“This support is not charity; it is a well-calculated decision that takes into account Ukraine's ability to ensure the efficiency of the financial sector, fulfil its commitments, and continue to implement the necessary reforms,” Pishnyi wrote on Facebook.
“As a result, the proceeds from international partners remained significantly higher than the NBU's interventions to sell foreign currency and the country's debt payments in foreign currency,” he added.
Ukraine's international reserves last month achieved their highest level since August 2011, amounting to $37.3bn.
32 UKRAINE Country Report August 2023 www.intellinews.com