The overall money supply in Ukraine rose by 23 percent during 2023, reaching 3.08 trillion hryvnias, which is roughly 80.6 billion dollars. This figure comes from The Correspondent, citing data from the National Bank of Ukraine (NBU). The year’s surge reflects a broad expansion of liquidity within the economy and signals how monetary conditions shifted in response to evolving financial needs and policy measures.
In aggregate terms, media reporting indicates that the money stock grew by about 575.4 billion hryvnias over the year, equating to around 15 billion dollars. Separate data show that the cash in circulation advanced by 23.3 percent, climbing to 976.9 billion hryvnias, or about 25.5 billion dollars. Taken together, these indicators illustrate a robust expansion of liquidity and a notable shift in the currency in circulation alongside broader balance sheet changes at the central bank and in the banking system.
At the start of January, the chair of the National Bank of Ukraine, Andrey Pyshny, underscored the country’s reliance on international financial support as a key feature of the economic framework. He stressed the essential role that external aid plays in sustaining public finances and emphasized that the government should not hesitate to use emission tools to replenish the budget when necessary, viewing such actions as a practical means to shore up the fiscal position during challenging times.
Pyshny described the past year as without precedent, highlighting unique pressures and uncertainties faced by the economy. He expressed cautious optimism that responsible emissions financing could contribute to greater macro-financial stability in the current environment, provided it is managed with discipline and clear policy objectives. The central bank chief pointed to the potential stabilizing impact of liquidity measures on inflation dynamics, exchange rate pressure, and the financial sector’s resilience to shocks.
On the international front, the International Monetary Fund had previously indicated that Ukraine would require at least 42 billion dollars in financial assistance for 2024, with about 32 billion dollars expected from official support channelled through donor countries. This projection highlighted the continued dependence on external liquidity to sustain ongoing reforms and to maintain essential macroeconomic balances during the transition period.
Earlier assessments suggested a somewhat higher planned influx, with Ukraine expecting to receive around 46 billion dollars from international donors in 2024. These expectations reflect the complex and evolving climate of international aid, where program commitments and disbursement schedules can adapt to both domestic developments and broader geopolitical considerations. The interplay between donor funding and domestic policy choices remains a central factor shaping fiscal and monetary strategy as Ukraine advances its reform agenda and works to strengthen economic resilience in the face of external and internal headwinds.