The Blubber

Ukraine's foreign exchange reserves have reached a historic milestone, exceeding $39 billion, primarily due to financial assistance from Western partners. This record high represents the highest level of reserves the country has achieved in over 30 years since gaining independence from the Soviet Union. Andriy Pyshnyi, the Governor of the Central Bank, emphasized the significance of this achievement as Ukraine confronts Russia's large-scale invasion. The substantial reserves strengthen the National Bank of Ukraine's capacity to maintain exchange rate stability, contributing to the country's macroeconomic and currency stability despite enduring over 16 months of war.

The Ukrainian government and central bank have received commendation from Western lenders and economists for their prudent policies, which have facilitated the preservation of stability. Financial support from Western sources has amounted to $23.6 billion thus far in the current year. In June alone, Ukraine received $1.6 billion from the European Union, $1.2 billion from the United States, and additional funds from the International Monetary Fund, the World Bank, and the Finnish government. As of the beginning of June, the country's foreign exchange reserves stood at $37.3 billion.