Ukraine's international reserves fell 5% to $38.5 bln in Jan - NBU

MOSCOW. Feb 6 (Interfax) - Ukraine's international reserves fell $1.98 billion or 4.9% to $38.525 billion in January, Ukrainian media reported, quoting the National Bank of Ukraine.

"These dynamics were driven by NBU FX interventions to preserve sustainability of the exchange rate, by Ukraine's FX debt repayments, and by lower international aid inflows than in previous months," the NBU said.

The NBU's net forex sales were $2.53 billion in January, down 29% from December.

A total of $898.9 million entered the government's FX accounts with the NBU, with $441.6 million spent on servicing and repaying the FX public debt.

Financial instruments increased in value by $86.3 million in January due to revaluation.

"International reserves now cover 5.1 months of future imports," the NBU said.

The National Bank of Ukraine in January revised its forecasts for the country's international reserves tonnes $40.4 billion at end-2024 and $42.1 billion at end-2025, from $44.7 billion and $45 billion, respectively.

Ukraine's international reserves increased by 42% in 2023 to $40.5 billion. International aid will continue to be the main source of capital inflows into the country, the NBU has said.