Ukraine's international (gold and foreign exchange) reserves increased by 4.4% in December 2023 to USD 40.5 billion as of January 1, 2024. The figure exceeded the USD 40 billion mark and approached record levels. The increase came after the volume of foreign reserves had been falling for four months in a row. This is evidenced by data from the National Bank of Ukraine.

The regulator notes that the growth in reserves was achieved thanks to financial assistance from Ukraine's allies.

"This (increase) was facilitated by foreign exchange earnings from international partners, which exceeded the net sale of foreign currency by the National Bank and the country's debt payments in foreign currency," the NBU said.

The reserves figure is close to the record level of Ukraine's foreign reserves, which was reached in August 2023 - $41.7 billion. The amount of reserves also covers the financing of 5.4 months of future exports. According to international standards, 2-3 months are considered "norm".

In general, Ukraine's international reserves increased by 42% in 2023.

"The largest financial assistance came from the European Union - $19.7 billion through the World Bank Trust Fund - $16.4 billion (in particular, from the United States, Japan, the United Kingdom, Norway and other countries), the IMF - $4.5 billion and Canada - $1.8 billion," the NBU added.