Ukraine forex reserves rise to $42.3 billion as of Sept 1

(Reuters) -Ukraine’s foreign currency reserves were up to $42.3 billion as of Sept. 1, the central bank said on Friday.

The reserves grew by 13.7% over the past month, the bank said in a statement. The reserves stood at $37.2 billion as of Aug. 1.

“Such dynamics were driven by large inflows from international partners, which exceeded (the bank’s) net FX sales and Ukraine’s FX debt repayments,” the bank said in a statement.

In August, Ukraine received 4.2 billion euros from the European Union’s lending facility and $3.9 billion via the World Bank.

Ukraine is heavily reliant on financial aid from its Western partners to cover social spending as it allocates its own revenues for military needs.

(Reporting by Yuliia Dysa in Gdańsk; Editing by Louise Heavens and Sandra Maler)