Ukraine had USD 43,787.6 billion in international reserves as of 1 January 2025, preliminary data show. In December 2024, they increased by 9.7% compared to November thanks to FX inflows from international partners, which exceeded the NBU’s net FX sales and Ukraine’s FX debt repayments.
In general, several factors determined the dynamics of international reserves in December 2024.
First, inflows to the government’s accounts and the servicing and repayment of public debt.
A total of USD 9,461.1 million came into the government's FX accounts with the NBU. This amount included:
- USD 4,411.1 million in macrofinancial support from the EU
- USD 3,935.3 million from the World Bank, including through DPL facility from the United States, Japan, and the United Kingdom
- USD 1,088.8 million from the IMF
- USD 25.9 million from other partners.
The government of Ukraine spent a total of USD 132.6 million on servicing and repaying the FX public debt including:
- USD 75.2 million to repay the debt to the World Bank
- USD 4.5 million to repay the debt to EBRD
- USD 52.9 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 252.0 million to the International Monetary Fund.
Second, the NBU’s transactions in the Ukrainian FX market.
The NBU sold USD 5,308.9 million on the FX market and bought USD 0.4 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 5,308.5 million in net FX sales in December, almost two times the level of November. The last month’s increase in the central bank’s interventions to sell foreign currency was primarily due to the traditional seasonal factor of higher budgetary spending and a pickup in business operations at the end of the year.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations).
Financial instruments increased in value by USD 92.4 million in December due to revaluation.
In 2024, Ukraine’s international reserves increased by 8%.
Last year, Ukraine received strong international financial support worth USD 42 billion according to the balance sheet data. The largest amounts of financial assistance came from the European Union (USD 17.5 billion), the United States (USD 6.8 billion), the World Bank (USD 6.1 billion), the International Monetary Fund (USD 5.3 billion), Japan (USD 4.3 billion), and Canada (USD 1.8 billion).
Furthermore, in 2024, Ukraine received over USD 3.5 billion from placement of FX domestic government debt securities. Together with the international assistance, this helped:
- set off payments on servicing and repaying Ukraine’s FX public debt (USD 6.7 billion), and repayment of debt to the International Monetary Fund (USD 3.4 billion)
- offset the NBU’s net FX sale interventions (USD 34.8 billion) to compensate for the structural deficit in the FX market and smooth out excessive exchange rate fluctuations under managed flexibility of the exchange rate
- increase international reserves to the level that is sufficient to continue to maintain exchange rate sustainability.
International reserves are now covering 5.5 months of future imports
"The growth of international reserves amid a full-scale war has been possible primarily thanks to the strong support of our international partners. This is not a given, but the result of political will, active diplomacy, and joint efforts of the Ukrainian authorities, including the NBU.
In 2025, Ukraine expects to receive about USD 38 billion from international partners. Thus, the NBU will be able to maintain a sufficient level of international reserves and maintain the sustainability of the FX market," said Andriy Pyshnyy, NBU Governor.
The 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.
The data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.