According to preliminary data, Ukraine’s international reserves rose to USD 57,660.3 million as of 1 February 2026, reaching a new all-time high.
In January, they increased by USD 357.8 million compared to the previous month – primarily thanks to external financing, which largely compensated for the NBU’s net FX sales and Ukraine’s FX debt repayments.
In general, several factors determined the dynamics of international reserves in January 2026.
First, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 3,124.0 million came into the government’s FX accounts with the NBU through accounts of the World Bank.
A total of USD 310.7 million was spent on servicing and repaying the FX public debt, including:
- USD 233.9 million to service and redeem Eurobonds
- USD 76.8 million to meet the country’s liabilities to other creditors.
In addition, Ukraine repaid USD 171.6 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
In January 2026, the NBU’s net FX sales decreased by 20.7% month-on-month. The NBU sold USD 3,729.5 million on the FX market, according to balance-sheet data.
Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)
Financial instruments increased in value by USD 1,445.7 million in January due to revaluation.
International reserves are now covering 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.
The data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.