Preliminary data shows that, as of 1 December 2025, Ukraine’s international reserves amounted to USD 54,748.0 million, the highest level over the entire history of independent Ukraine. In November, international reserves grew by 10.6%. Such dynamics were driven by the largest inflows from international partners since the beginning of the year, 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 8,147.7 million came into the government’s FX accounts with the NBU in November, including:
- USD 6,889.7 million from the EU under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA) and Ukraine Facility mechanisms
- USD 810.4 million via World Bank accounts
- USD 332.1 million from the placement of domestic government debt securities
- USD 115.5 million from the Council of Europe Development Bank.
A total of USD 493.0 million was spent on servicing and repaying the FX public debt, including:
- USD 370.2 million to service and redeem FX domestic government debt securities
- USD 65.3 million to service and repay debt to the European Investment Bank
- USD 30.3 million to service and repay debt to the EBRD
- USD 18.0 million to repay the debt to the World Bank
- USD 9.2 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 282.6 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
The NBU sold USD 2,728.3 million on the FX market and bought USD 1.3 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 2,727.0 million in net FX sales in November, this was 3.9% less than in October.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In November, financial instruments increased in value by USD 581.7 million due to revaluation.
International reserves are now covering 5.6 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 .