Ukraine’s foreign exchange reserves hit record high of nearly $39 bln

Ukraine’s foreign exchange reserves have reached a record high of nearly $39 billion thanks to financial support from Western partners, Central Bank Governor Andriy Pyshnyi said on Thursday.

That is the highest level the reserves have risen in more than 30 years of post-Soviet independence, Pyshnyi said, hailing it as a major success for Kyiv as it battles Russia’s large-scale invasion.

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“This level of reserves strengthens the National Bank of Ukraine’s ability to continue maintaining exchange rate stability,” he wrote on Facebook.

The Ukrainian government and the central bank have been praised by Western lenders and economists for policies that have allowed them to maintain macroeconomic and currency stability despite more than 16 months of war.

Finance Ministry data showed that Ukraine had already received $23.6 billion in Western financial support so far this year.

Pyshnyi said that in June alone the government had received $1.6 billion from the European Union, $1.2 billion from the United States as well as funds from the International Monetary Fund, the World Bank and the Finnish government.

Ukraine’s foreign exchange reserves stood at $37.3 billion at the start of June.

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