Ukraine's international reserves in January, according to preliminary estimates from the National Bank of Ukraine (NBU), fell by 4.9%, or UAH $1.98 billion, to $38.525 billion.

"These dynamics were driven by NBU FX interventions to preserve sustainability of the exchange rate, by Ukraine's FX debt repayments, and by lower international aid inflows than in previous months," the NBU said on its website on Tuesday.

Among other factors determining the volume of reserves, the NBU named its transactions in the Ukrainian FX market: in January, the net FX sale by the regulator reached $2.53 million, which is 29% less than the previous month.

The regulator said that in January $898.9 million came into the government's FX account at the NBU, and $441.6 million was paid for servicing and repaying the public debt.

The National Bank also said that the current volume of reserves was positively affected by the revaluation of the value of financial instruments, adding $86.3 million.

"International reserves are now covering 5.1 months of future imports," the central bank said.

As reported, the NBU in January lowered its forecast for Ukraine's international reserves at the end of 2024 to $40.4 billion from $44.7 billion and to $42.1 billion from $45 billion at the end of 2025.