As of 1 August 2025, Ukraine’s international reserves stood at USD 43,030.8 million, according to preliminary data. In July, international reserves decreased by 4.5%. These dynamics were driven by the NBU’s FX interventions and Ukraine’s FX debt repayments. These transactions were only partially offset by funding received from international partners and inflows from the placement of FX domestic government debt securities. Despite the decrease, international reserves are sufficient for maintaining FX market sustainability.
International reserve dynamics were generally driven by a number of factors:
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 3,457.3 million on the FX market and bought USD 0.3 million to replenish international reserves, according to balance sheet data. As a result, the NBU was a net seller of USD 3,457.0 million in foreign currency in July.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 2,122.1 million came into the government’s FX accounts with the NBU in July, including:
- USD 1,171.0 million from the European Union under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 513.2 million from the IMF under the Extended Fund Facility (EFF) program
- USD 414.0 million from the placement of domestic government debt securities
- USD 23.9 million via World Bank accounts.
A total of USD 793.0 million was spent on servicing and repaying the FX public debt, including:
- USD 638.5 million to service and redeem FX domestic government debt securities
- USD 85.1 million to service Eurobonds
- USD 61.2 million to service and repay the debt to the World Bank
- USD 7.1 million to service the debt to the EU
- USD 1.1 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 2.6 million to the International Monetary Fund.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In July, financial instruments increased in value by USD 101.5 million due to revaluation.
International reserves are now covering 4.7 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.
Data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.