Ukraine's international reserves fall 0.5% to $38.8 bln in Nov - NBU

MOSCOW. Dec 7 (Interfax) - Ukraine's international reserves shrank by $187.8 million or 0.5% to $38.785 billion in November, Ukrainian media reported citing the preliminary data of the National Bank of Ukraine (NBU).

"NBU interventions to maintain exchange rate sustainability were largely offset by aid inflows from international partners, as were the country's debt payments," the press release said.

The NBU sold $2.457 billion on the forex market and bought $3.7 million to replenish international reserves, so net forex sales totaled $2.453 billion in November, down by about 30% from October and 10% from September as "the market successfully adjusted to managed flexibility of the exchange rate," the NBU said.

A total of $2.329 billion came into the government's forex accounts with the NBU in November, including $1.636 billion in macrofinancial support from the EU; $403.8 million from the World Bank; and $286.9 million from the placement of forex domestic government bonds.

Ukraine's government spent $109.2 million to service and repay forex public debt, including $38.6 million to the EIB, $30.9 million to the World Bank and $30.8 million in to the EBRD. In addition, Ukraine repaid $250.3 million to the International Monetary Fund.

Financial instruments increased in value by $283.8 million in November due to revaluation.

"International reserves are now covering 5.2 months of future imports," the NBU said.

Ukraine's international reserves shrank by 1.9% or $735.2 million in October, but at the end of that month the NBU raised its forecast for the reserves at the end of 2023 to $41.8 billion from the $38.3 billion projected in July.