Ukraine's int'l reserves rose 13% to 11-year high of $35.9 bln in April

MOSCOW. May 4 (Interfax) - Ukraine's international reserves rose 13% or $4.065 billion during April to an 11-year high of $35.943 billion, Ukrainian media outlets quoted the National Bank of Ukraine as saying in a statement.

"In April 2023, international reserves increased by 13% due to inflows from international partners amid further decreasing net FX sales by the NBU and moderate FX debt repayments by the state," the NBU said,.

The government's FX accounts with the NBU received $5.852 billion, including $2.707 billion from the International Monetary Fund under the new Extended Fund Facility Arrangement; $1.653.5 billion of macro-financial assistance from the EU; $1.25 billion from the United States through a World Bank trust fund; and $242.6 million from the placement of FX domestic government debt securities

Ukraine's government spent $446 servicing and repaying FX public debt. That included $282.7 million in repayments on FX domestic government debt securities and $113.1 million to repay the debt to the World Bank. The rest went towards meeting the country's liabilities to other international creditors. Ukraine also paid the IMF $107.4 million.

The NBU's net FX sales fell for the fourth straight month in April, by $299 million versus March to $1.37 billion.

"This trend in April was driven by both sectoral factors - lower energy imports, increased sales of foreign currency for the sowing campaign, and some increase in activity by metals and mining companies - and further restrictions on unproductive capital outflows from Ukraine," the NBU said.

International reserves now cover 4.7 months of future imports.

The NBU at the end of April raised its forecast for international reserves at the end of 2023 to $34.5 billion from the $27 billion it was predicting in January.