Preliminary data showed that, as of 1 May 2025, Ukraine’s international reserves stood at USD 46,683.1 million after increasing by 10.2% in April. This uptrend was driven by large inflows from international partners on the one hand, and lowest net FX sales by the NBU since April 2024 on the other.
International-reserve developments were generally driven by a number of factors.
First, inflows into the government’s accounts and the servicing and repayment of public debt
A total of USD 6,347.6 million came into the government’s FX accounts with the NBU. This amount included:
- USD 4,861.6 million from the European Union under the Ukraine Facility and the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative
- USD 1,294.0 million from international partners through the World Bank
- USD 192.0 million from the placement of domestic government debt securities.
Furthermore, Ukraine received USD 992.0 million under the agreement between Ukraine and the UK as part of the ERA initiative. These funds were not included into Ukraine’s international reserves due to restricted (targeted) use of the funds.
A total of USD 517.9 million was spent on servicing and repaying the FX public debt. This included:
- USD 299.2 million to service and redeem FX domestic government debt securities
- USD 169.3 million to service and repay the debt to the World Bank
- USD 49.4 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 82.1 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
In April 2025, the NBU’s net FX sales decreased by 17.1% from March. The NBU sold USD 2,208.7 million on the FX market and bought USD 17.5 million to replenish the reserves, according to balance-sheet data.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In April, financial instruments increased in value by USD 742.5 million due to revaluation.
International reserves are now covering 5.6 months of future imports
Data on international reserves and FX liquidity are compiled and released on a monthly basis:
- for preliminary data, no later than on the 7th day after the reporting month ends
- for revised data, no later than on the 21st day after the reporting month ends.
Revised data are available here.
The data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.