Partner assistance sufficient to maintain international reserves at adequate level
The amount of international aid is currently sufficient to maintain adequate reserves and emission-free financing of the budget deficit, but uncertainty about its future parameters remains.
This was stated by NBU Governor Andriy Pyshnyi at a briefing, according to a Ukrinform correspondent.
The head of the National Bank noted that since the beginning of the year, Ukraine has received USD 45.8 billion in official financing. By the end of the year, more than USD 5 billion is expected to come in.
"External financing makes it possible to maintain an adequate level of international reserves, which strengthens the NBU's ability to ensure the stability of the currency market. Thanks to international support and domestic borrowing, the government retains the ability to fully finance all critical budget expenditures," Pyshnyi explained.
At the same time, he acknowledged that uncertainty surrounding the parameters of external financing for 2026-2027 remains.
Along with the possible irregularity and/or insufficiency of external financing, according to the head of the NBU, the risks of additional budget expenditures to maintain defense capabilities and reconstruction remain relevant; further destruction of energy infrastructure, which may put pressure on enterprises' expenses and limit their production potential; deepening negative migration trends and an expanding labor shortage.
In view of this, the National Bank has postponed the decision to start lowering the discount rate, which was expected by some market participants.
“At the same time, there is still a possibility of positive scenarios. These are primarily related to the possible strengthening of military and financial support from partners and the efforts of the international community to ensure a just and lasting peace for Ukraine,” Pyshnyi emphasized.
As reported, the National Bank of Ukraine left the discount rate at 15.5%. This became known on December 11, during a briefing on the NBU Board's monetary policy decisions.
Photo: NBU