Despite a reduction in gold and foreign currency reserves, the NBU has enough of each to respond to possible crises.

As of August, the National Bank’s gold and currency reserves reach $37.2B. Since the beginning of the year, the reserves have fluctuated from $37B to $43.8B. Currently, the NBU’s reserves are not being used to service Ukraine’s debts because most external debt has been restructured. The primary use of reserves is intervention in the interbank foreign exchange market, which allows the NBU to cover the currency deficit that arose after the war began. Experts are convinced that the current reserves level is sufficient to maintain an acceptable balance in the foreign exchange market. The question of the optimal reserves level is quite complex. It depends on many factors, in particular on the volume of exports and imports and the country’s macroeconomic situation. According to analysts, Ukraine’s reserves can cover the costs of critical imports for five months in the event of a complete absence of exports.