As of 1 October 2025, Ukraine had USD 46,518.6 million in international reserves, early data show. In September, the reserves increased by 1.1%. Such dynamics were driven by inflows from international partners against a decrease in net FX sales by the NBU.
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 2,900.6 million came into the government's FX accounts with the NBU in September, including:
- USD 1,431.7 million via World Bank accounts
- USD 1,170.5 million from the EU under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 298.4 million from the placement of domestic government debt securities.
A total of USD 563.6 million was spent on servicing and repaying the FX public debt, including:
- USD 464.4 million to service and redeem FX domestic government debt securities
- USD 62.2 million to service and repay the debt to the World Bank
- USD 6.4 million to service and repay debt to the European Investment Bank
- USD 30.6 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 254.4 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
The NBU sold USD 2,291.5 million on the FX market and bought USD 1.7 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 2,289.8 million in net FX sales in September, down by 15% from August 2025.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In September, financial instruments increased in value by USD 690.6 million due to revaluation.
International reserves are now covering 5.1 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.