Ukraine’s international reserves decreased by 0.6 percent in May and amounted to $27.840 billion as of June 1, the National Bank said.

“The reduction was due to the repayment of external and internal liabilities of the state, which were partially offset by foreign exchange earnings in favour of the government,” the bank said in a statement.

It said that the dynamics of reserves during May was determined, in particular, by public debt management operations as well as by the revaluation of financial instruments due to changes in market value and exchange rates.

“The total amount of government payments for servicing and repayment of public debt in foreign currency amounted to $650.6 million,” it said.

The current volume of international reserves covers 4.2 months of future imports, which is sufficient to meet Ukraine’s obligations and the current operations of the government and the National Bank.

Ukraine’s international reserves increased by 15 percent year-on-year to $29.1 billion in 2020.