Preliminary data shows that, as of 1 January 2026, Ukraine’s international reserves amounted to USD 57,292.5 million, the highest level over the entire history of independent Ukraine.
In December, they increased by 4.6% compared to November 2025, primarily thanks to 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 2025.
First, inflows into the government’s accounts and the servicing and repayment of public debt
A total of USD 6,915.3 million came into the government's FX accounts with the NBU. This amount included:
- USD 3,912.5 million via World Bank accounts
- USD 2,699.0 million from the European Union under the Ukraine Facility instrument
- USD 303.8 million from the placement of domestic government debt securities.
The government of Ukraine spent a total of USD 668.4 million on servicing and repaying the FX public debt including:
- USD 212.9 million to repay the debt to the World Bank
- USD 212.7 million to service and redeem domestic government debt securities
- USD 182.2 million to make payments on government derivatives
- USD 5.0 million to repay the debt to EBRD
- USD 2.1 million to service and repay debt to the European Investment Bank
- USD 53.5 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 171.4 million to the International Monetary Fund.
Second, the NBU’s transactions in the Ukrainian FX market.
The NBU sold USD 4,702.1 million in the FX market and bought USD 0.5 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 4,701.6 million in net FX sales in December, almost 1.7 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. However, compared to December 2024, the volume of interventions decreased by 13%.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations).
Financial instruments increased in value by USD 1,162.3 million in December due to revaluation.
Overall, Ukraine’s international reserves increased by 30.8% in 2025.
Last year, Ukraine received an unprecedented international financial assistance during the full-scale war of USD 52.4 billion, according to the balance sheet data.
The largest amounts of financial assistance came from the European Union (USD 32.7 billion), the World Bank (USD 13.2 billion), Canada (USD 3.4 billion), the International Monetary Fund (USD 0.9 billion), , and the Council of Europe Development Bank (USD 0.2 billion).
Furthermore, Ukraine received USD 2.0 million under the agreement between Ukraine and the UK as part of the ERA initiative. These funds were not included into Ukraine’s international reserves due to restricted (targeted) use of the funds.
Besides, in 2025, Ukraine received over USD 3.3 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 6.8 billion), and repayment of debt to the International Monetary Fund (USD 3.2 billion)
- offset the NBU’s net FX sale interventions (USD 36.2 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 record high, which is sufficient to continue to maintain exchange rate sustainability.
"The record growth in international reserves during a full-scale war has been driven by the synergy of three key factors. First, strong support from Ukraine’s international partners, which should be viewed not as charity, but, in essence, as compensation for the security services Ukraine provides at an exceptionally high cost. Second, the stable functioning of the domestic debt market? which reflects effective coordination between fiscal and monetary authorities. Third, the NBU’s policy framework including interest rate and exchange rate instruments, foreign exchange interventions, and capital flow management measures, which has enabled the country to spend less than it receives, thereby building up a "safety cushion" of international reserves. In 2026, Ukraine expects to receive over USD 45 billion from international partners. This is our safety margin to ensure uninterrupted financing of the country’s defense and reconstruction needs and maintaining sustainability of the FX market,” said NBU Governor Andriy Pyshnyy.
International reserves are now covering 5.9 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.
The data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.