KYIV, March 7 –Ukraine's foreign exchange reserves reached $28.86 billion as of March 1, which is 3.5% less compared with the end January 2023 due to the interventions of the National Bank of Ukraine to sell foreign currency to cover the gap between demand and supply in the foreign exchange market, data shows.

"As of March 1, 2023, Ukraine's international reserves, according to preliminary data, amounted to $28.865 billion. In February, they fell by 3.5% due to the interventions of the National Bank to sell foreign currency to cover the gap between supply and demand in the foreign exchange market of Ukraine, which was largely offset by foreign currency borrowings in favor of the government," the NBU said in a statement.