Ukraine’s Foreign Currency Reserves Increase

(Reuters) – Ukraine’s foreign currency reserves were up to $42.3 billion as of Sept. 1, according to the central bank’s announcement on Friday.

The reserves grew by 13.7% over the past month, from $37.2 billion as of Aug. 1.

The bank stated, “Such dynamics were driven by large inflows from international partners, which exceeded (the bank’s) net FX sales and Ukraine’s FX debt repayments.”

In August, Ukraine received 4.2 billion euros from the European Union’s lending facility and $3.9 billion via the World Bank.

Ukraine remains heavily reliant on financial aid from its Western partners to cover social spending, as it allocates its own revenues for military needs.