Ukraine's foreign currency reserves fell to $40.1 billion as of the start of March, the central bank said on Friday. Government debt payments and th
Ukraine’s foreign currency reserves fell to $40.1 billion as of the start of March, the central bank said on Friday.
Government debt payments and the central bank’s interventions on the forex market were behind the fall in the reserves, it said in a statement.
The central bank regularly intervenes in the forex market to meet the demand for hard currency and prop up the hryvnia. The bank sold about $3 billion in February.
Ukraine’s exports and foreign trade were hit hard by Russia’s invasion in February 2022. Despite the war challenges, Ukraine managed to restore trade routes and revive exports. But exports remain lower than in the pre-war period.
The central bank also said the government paid about $770 million to service its foreign debts over the last month, including $428.9 million to the International Monetary Fund and $275.3 million to the World Bank.
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