Ukraine had USD 44,535.5 million in international reserves as of 1 June 2025, according to preliminary data. In May the international reserves decreased by 4.6%. 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, the international reserves were larger than as of the start of the year and sufficient for maintaining the FX market sustainability.
The change in the international reserves was generally driven by a number of factors.
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 2,962.4 million on the FX market and bought USD 1.3 million to replenish the international reserves, according to balance sheet data. As a result, the NBU was a net seller of USD 2,961.1 million in foreign currency in May.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 1,357.1 million came into the government’s FX accounts with the NBU. This amount included:
- USD 1,129.5 million from the European Union under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 227.6 million from the placement of FX domestic government debt securities.
A total of USD 310.1 million was spent on servicing and repaying the FX public debt. This included:
- USD 184.4 million to service and redeem FX domestic government debt securities
- USD 67.1 million to service and repay the debt to the EIB
- USD 30.2 million to service and repay debt to the EBRD
- USD 28.4 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 296.3 million to the International Monetary Fund.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations.
In May, financial instruments increased in value by USD 55.8 million due to revaluation.
International reserves are now covering 5.4 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.