Ukraine’s international reserves have reached the highest level since 2011.

In March, Ukraine’s reserves increased by 10.4% to $31.9B, reported the National Bank of Ukraine.

The central bank explained that reserves increased because of fund allocations from international partners against the background of lower volumes of net currency sales by the NBU and moderate debt payments in foreign currency.

As a result, the government’s foreign currency accounts at the bank received $5.1B in March. In particular: $1.8B from the Canadian government, $1.6B from the EU, $1.3B from the US through the World Bank, $2.2M from the IDA, which is part of the World Bank, and $476.5M from the placement of currency bonds of the domestic state loan.

At the same time, the government paid $486.8M for servicing and repayment of the state debt in foreign currency and $638.6M to the IMF.

In March, the central bank sold $1.7B on the foreign exchange market, which is $783.1M less than in February.