Ukraine’s international reserves increased by 9.1% in November to $39.92B.

The National Bank explains that this dynamic is due, on the one hand, to significant volumes received from international partners and, on the other hand, to a decrease in the volume of net currency sales by the NBU on the foreign exchange market. In particular, $6.68B was received by the government’s foreign exchange accounts with the NBU during the month from the World Bank, the US, and Japan, from the placement of foreign exchange government bonds, South Korea, and other partners.

In November, $433.8M was directed to servicing and repaying state debt in foreign currency. The funds were directed to servicing and repaying foreign exchange government bonds and debt to the EIB, EBRD, World Bank, and other international creditors. Ukraine also paid $263.8M to the IMF.

Also in November, the NBU sold $2.71B in the foreign exchange market during the month and bought $4.4M in reserves. Thus, the net sale amounted to $2.71B (-21% compared to October). The size of Ukraine’s reserves was also affected by the revaluation of financial instruments, which increased by $71.9M.