As of 1 July 2012, the gold and foreign exchange reserves amounted to USD 29.318 billion (in the equivalent). The repayment of the external obligations by the Government had implications for the amount of international reserves.

In June, in particular, the Government of Ukraine repaid back USD 1.1 billion worth of loans to the VTB Bank, including interest paid thereon, and redeemed Eurobonds worth USD 600 million (issued mainly before 2007). Foreign exchange funds raised in domestic market have been used to make partial repayment of external debt: Ukraine has raised USD 990 million in the equivalent through the placement of foreign currency-denominated T-bills. 

In order to smooth exchange rate fluctuations in the interbank foreign exchange market, the National Bank of Ukraine intervened in June by both purchasing and selling foreign exchange. The balance of NBU interventions in the May was in the red, totaling USD 704 million.