Ukraine’s National Bank reports that it now has about $39 billion in foreign reserves, the greatest level in the country’s independent history, as it continues to receive big financial deliveries from friendly nations.
The country had a $38.99 billion reserve as of July first, according to the National Bank of Ukraine’s latest estimates, up from $37.3 billion in June. The reserve is the greatest since the breakup of the Soviet Union, surpassing the previous record of $38 billion set in 2011.
Per the National Bank, this reserve was achieved “thanks to sustained and regular inflows from international partners”, the receipts of which exceeded the central bank’s outgoings of paying down foreign-held debt, and selling currency reserves to balance the economy.
The reserve is held in foreign currencies and gold, reports the Polish financial newspaper Rzeczpospolita.
Reuters reports Ukraine has received $23.6 billion in cash from Western partners this year so far.
Bank governor Andriy Pyshnyi thanked Western partners for the cash injections in a statement on the figures on Friday morning. He said:
This is a record for the entire independent history of Ukraine. An incredible achievement for a country at war… The involvement of international partners is extremely powerful, and the volume of external financing is historic.
This support is not charity… Thanks to our partners!
The bank cited some of the June incomings which included $1.6 billion given to Ukraine’s central bank by the European Union, $1.2 billion from the United States, and $886 million from the World Bank.