Ukraine’s Gold and Currency Reserves Now Largest Ever, Central Bank Confirms

According to a report by the National Bank of Ukraine, the country currently holds a staggering $39 billion in foreign reserves, reaching an unprecedented milestone in its history as an independent nation.

This remarkable achievement coincides with Ukraine’s ongoing receipt of substantial cash inflows from its allied nations.

According to the most recent figures released by the National Bank of Ukraine, the country’s reserve stood at $38.99 billion as of July 1st, surpassing the June figure of $37.3 billion.

The size of the reserve is the largest since the collapse of the Soviet Union and exceeds 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 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.

The reserve is held in foreign currencies and gold reports the Polish financial newspaper Rzeczpospolita.

According to a report by Reuters, Ukraine has received a total of $23.6 billion in cash from its Western partners thus far this year.

Bank governor Andriy Pyshnyi thanked Western partners for the cash injections in a statement on the figures on Friday morning.

“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,” he said.

“This support is not charity… Thanks to our partners,” he added.

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By Hunter Fielding
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