Ukraine's international reserves increased by $3.344 billion, or 9.1%, in November, reaching approximately $39.925 billion as of December 1, 2024, according to preliminary data from the National Bank of Ukraine.
"This dynamic is attributed, on one hand, to significant inflows from international partners, and on the other hand, to a reduction in the net sales of foreign currency by the National Bank in the currency market," the statement on its website noted on Thursday.
It was indicated that in November, in particular, $6.677 billion was deposited into the government's foreign currency accounts at the NBU, including $4.788 billion from the World Bank, $1.35 billion from the United States, $235 million from Japan, $192 million from the placement of foreign currency government bonds, $100 million from South Korea, and $13 million from other partners.
At the same time, $434 million was paid for servicing and repaying the state debt in foreign currency, of which $311 million was for servicing and repaying foreign currency government bonds. Additionally, Ukraine paid $264 million to the International Monetary Fund.
Moreover, the National Bank sold $2.712 billion in the currency market, while only purchasing $4.4 million for its reserves.
Finally, as clarified by the NBU, the value of financial instruments increased by $72 million in November due to revaluation.
"The current volume of international reserves covers 5.0 months of future imports," the press release stated.
According to information on the National Bank's website, net international reserves increased even more in November—by $3.5 billion, or 15.6%, reaching $25.939 million.
As reported, at the end of October, the NBU improved its forecast for international reserves for the end of 2024-2026 by $2.4-3.7 billion. According to its updated expectations, international reserves are projected to rise to $43.6 billion by the end of the current year, and then decrease to $41 billion next year.