International reserves declined by almost 8% in May, National Bank says

The international monetary reserves of the National Bank of Ukraine (NBU) declined by 7.9% in May, resulting in a total of around $39 billion at the beginning of June, the NBU said on June 6.

The NBU's international reserves have fluctuated significantly since the beginning of Russia's full-scale war, dropping as low as $22 billion in July 2022.

The reserves at the beginning of May 2024 stood at $42.4 billion.

The decline for the month of May was the result of state interventions in the foreign exchange (FX) market, aimed at "preserving (the) sustainability of the exchange rate," as well as the repayment of foreign debts, the NBU said.

The outflow of funds was "partially offset" by funds from Ukraine's international partners, which totaled $143.1 million.

The revaluation of exchange rates resulted in the addition of $216.1 million to the NBU's coffers.

International reserves are now able to cover 5.1 months of upcoming imports, the NBU added.

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