The Strategist

Ukraine's international reserves hit 11-year high of $31.9B

04/07/2023 - 09:50

According to documents from the National Bank of Ukraine, the country's international reserves as of April 1, 2023, totaled $31.9 billion, setting a record for the previous 11 years.

National Bank Of Ukraine via flickr
National Bank Of Ukraine via flickr
The reserves climbed by 10% in March alone due to a decline in the regulator's net currency sales, mild debt repayments, and money inflows from foreign partners.

The National Bank of Ukraine now has $5,1 billion on its accounts, the report states. Canada contributed $1.7 billion of this total, and the European Union contributed $1.6 billion. The United States contributed an additional $1.2 billion via a World Bank trust fund, and the International Development Association contributed $0.2 billion. The National Bank of Ukraine earned 476 million dollars from placement of foreign currency bonds of the internal state loan.

According to Jens Stoltenberg, Secretary General of NATO,  the alliance nations have given Ukraine armaments worth €65 billion since the commencement of the war. The International Monetary Fund (IMF) executive board also authorized a $15.6 billion, four-year loan for Ukraine. The loan granted by the IMF was the largest in a calendar year and the first aid package of this magnitude to be approved by the IMF for a nation engaged in armed conflict.