As of 1 September 2025, Ukraine’s international reserves amounted to USD 46,032.7 million, according to preliminary data. In August, the reserves increased by 7.0%. Such dynamics were driven by large inflows from international partners on the one hand, and a decrease in net FX sales by the NBU on the other.
International reserve dynamics 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 6,165.1 million came into the government’s FX accounts with the NBU in August, including:
- USD 4,710.8 million from the European Union under the Ukraine Facility and the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 1,059.7 million via World Bank accounts
- USD 394.6 million from the placement of domestic government debt securities.
A total of USD 619.8 million was spent on servicing and repaying the FX public debt, including:
- USD 301.6 million to service and redeem FX domestic government debt securities
- USD 257.9 million to service and repay the debt to the World Bank
- USD 15.8 million to service and repay the debt to the EIB
- USD 44.5 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 426.9 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
The NBU sold USD 2,696.6 million on the FX market and bought USD 0.6 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 2,696.0 million in net FX sales in August, down by 22% from July 2025.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In August, financial instruments increased in value by USD 576.5 million due to revaluation.
International reserves are now covering 5.0 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.