Preliminary data showed that as of 1 November 2025, Ukraine's international reserves stood at USD 49,516.3 million, the highest level over the entire history of independent Ukraine. In October, the reserves increased by 6.4%. Such dynamics were driven by large inflows from international partners, which exceeded the NBU’s net FX sales and Ukraine’s FX debt repayments. International reserves are sufficient for maintaining the FX market sustainability.
The change in international reserves was 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 6,398.4 million came into the government’s FX accounts with the NBU in October, including:
- USD 4,694.0 million from the EU under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 1,079.4 million via World Bank accounts
- USD 507.7 million from the placement of domestic government debt securities
- USD 117.3 million from the Council of Europe Development Bank.
A total of USD 611.6 million was spent on servicing and repaying the FX public debt, including:
- USD 368.9 million to service and redeem FX domestic government debt securities
- USD 199.5 million to service and repay the debt to the World Bank
- USD 16.1 million to service and repay debt to the European Investment Bank
- USD 14.7 million to service and repay debt to the EBRD
- USD 12.3 million to service the debt to the EU
- USD 0.1 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 83.9 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
The NBU sold USD 2,834.9 million on the FX market and bought USD 0.8 million to replenish international reserves, according to balance sheet data. As a result, the NBU was a net seller of USD 2,834.1 million in foreign currency in October.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In October, financial instruments increased in value by USD 126.8 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.
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