Ukraine’s central bank reported a decline in total FX reserves by approximately USD 2 bln or 5% MoM in January, reaching USD 38.5 bln. The decrease resulted from net FX sales of USD 2.5 bln in the market, partially offset by net domestic FX issuance and a continued net inflow of external assistance, including USD 387 mln from Japan. Despite the decline, FX reserves remain near the all-time high reported in July and are still about USD 10 bln above pre-war levels.