According to preliminary data, Ukraine had USD 51,998.0 million in international reserves as of 1 April 2026. In March, international reserves decreased by 5.0%. 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.
In general, several factors determined the dynamics of international reserves in March 2026.
First, the NBU’s transactions in the Ukrainian FX market
The NBU sold USD 4,774.4 million on the FX market, according to balance sheet data.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 3,045.9 million came into the government’s FX accounts with the NBU in March, including:
- USD 1,521.1 million from the International Monetary Fund under the Extended Fund Facility (EFF) program.
- USD 1,474.3 million via World Bank accounts
- USD 50.5 million from the placement of FX domestic government debt securities.
A total of USD 123.3 million was spent on servicing and repaying the FX public debt, including:
- USD 59.4 million to service and repay the debt to the World Bank
- USD 6.1 million to service the debt to the EU
- USD 5.2 million to service domestic government debt securities
- USD 52.6 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 260.0 million to the International Monetary Fund.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
In March, financial instruments decreased in value by USD 656.2 million due to revaluation caused by strengthening of the the US dollar to other reserve currencies and reduced gold price.
International reserves are now covering 5.5 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.