Ukraine had USD 54,753.4 billion in international reserves as of 1 March 2026, preliminary data show. In February, 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 February 2026.
First, the NBU’s transactions in the Ukrainian FX market
In February, the NBU’s net FX sales declined by 19.8% month-on-month. The NBU sold USD 2,989.5 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 1,000.4 million came into the government’s FX accounts with the NBU in February, including:
- USD 690.8 million through World Bank accounts under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 309.6 million from the placement of domestic government debt securities.
A total of USD 804.1 million was spent on servicing and repaying the FX public debt, including:
- USD 472.2 million to service and redeem FX domestic government debt securities
- USD 331.9 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 279.7 million to the International Monetary Fund.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
In February, financial instruments increased in value by USD 152.5 million due to revaluation.
International reserves are now covering 5.7 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.