Ukraine’s total FX reserves declined to USD 36.6 bln at the end of October, down by USD 2.3 bln for the month. The decline was mainly driven by FX interventions, which sold USD 3.4 bln during the month. On top of that, around USD 943 mln was spent to finance debt servicing during the month. The outflow was partly offset by USD 2 bln of inflows, mainly from the IMF but also from domestic FX issuances.