International reserves of the National Bank reached a record $39 billion. This will strengthen exchange rate stability

The National Bank reported that its international reserves increased to almost $39 billion in June 2023. This figure is a record since the independence of Ukraine.

The head of the NBU, Andriy Pishnyi, called it "an incredible result for the country in the conditions of a full-scale war."

The previous historical maximum of reserves of the National Bank was $38.35 billion, it was recorded in May 2011.

As of June 1, Ukraineʼs international reserves amounted to $37.3 billion. The NBU explained that the significant increase in reserves in June was due to the arrival of financial aid from the West:

• $1.6 billion from the EU;
• $1.2 billion from the United States;
• $886 million from the IMF;
• $69.1 million from the World Bank;
• $15 million from Finland.

According to Pyshnyi, the amount of international aid was much larger than the volume of interventions by the NBU on the sale of foreign currency and debt payments of the country in foreign currency.

"This level of reserves strengthens the NBUʼs ability to continue maintaining exchange rate stability," explained the head of the National Bank.

• At the beginning of 2022, Ukraine had $29 billion in reserves. When Russia launched a full-scale invasion, they began to decrease and fell to the level of $22 billion by the summer. After that, thanks to large-scale infusions of currency from the West, Ukraineʼs reserves began to recover at a rapid pace and already in December exceeded the pre-war level.