According to the NBU Depository, in 2025, Ukraine’s government raised UAH 430,133.1 million, USD 2,445.9 million, and EUR 779.2 million from placement of domestic government debt securities through auctions. In the same period, the government allocated UAH 320,344.4 million, USD 2,883.0 million, and EUR 752.5 million for redemption of domestic government debt securities.
During 2025, the Ministry of Finance borrowed in the domestic debt market more than it spent to redeem domestic government debt securities. Borrowing surpassed redemption by the equivalent of UAH 93,763.0 million. Specifically, UAH 26,648.1 of this difference occurred in December 2025. The rollover of investments in domestic government debt securities in 2025 is 113% at par in all currencies at the current official exchange rate.
In total, from the onset of russia’s full-scale invasion of Ukraine through 31 December 2025, Ukraine’s government raised UAH 1,482,115.7 million, USD 10,791.3 million, and EUR 3,247.2 million through primary auctions and allocated UAH 995,154.2 million, USD 11,495.3 million, and EUR 2,921.4 million to redeem domestic government debt securities.
Effective operation of the domestic debt market has been achieved through coordinated efforts by the Government and the National Bank of Ukraine.
Specifically, in February, the Ministry of Finance of Ukraine was given more flexibility to provide funding to improve the effectiveness of domestic public debt management: The NBU has ensured settlements for the new type of domestic government debt securities placement: through auctions to place domestic government debt securities with simultaneous exchange for outstanding domestic government debt securities of another issue.
For its part, the government is offering market-based interest rates on domestic government debt securities. In particular, the maximum yield on domestic government debt securities offered at auctions was 17.80% per annum for hryvnia-denominated bonds, 4.00% per annum for U.S. dollar-denominated bonds and 3.25% per annum for euro-denominated bonds.
”In 2025, the Government raised nearly UAH 570 billion on the domestic debt market, including more than UAH 430 billion in hryvnia-denominated instruments. The stable functioning of the domestic debt market reflects effective coordination between fiscal and monetary authorities and represents a key pillar of macro-financial stability. It is an important tool for improving the maturity structure of funds in the banking system and mitigating risks to the FX market and price stability, and – together with substantial international financial support – serves as a safeguard against monetary financing of the budget deficit for the third consecutive year during the full-scale war”, – said NBU Governor Andriy Pyshnyy.
Everyone can purchase war bonds now and strengthen the financial resilience of Ukraine.
Below are the NBU Depository’s detailed statistics on war bonds offered through auctions, as of 1 January 2026.
As before, primary dealers – the banks – hold the largest portfolio of war bonds.
Ukrainians and domestic businesses hold the second-largest portfolio of war bonds. As of 1 January 2026, it comprised:
- UAH 110,839.2 million or 37.4% of the total value of purchased hryvnia-denominated war bonds (up from UAH 103,073.2 million or 36.4% on 1 December 2025)
- USD 1,375.0 million or 63.3% of the total value of U.S. dollar-denominated war bonds (USD 1,416.6 million or 64.1% as of 1 December 2025)
- EUR 250.9 million or 36.6% of the total value of euro-denominated war bonds (EUR 232.4 million or 41.7% as of 1 December 2025).
Overall, the portfolio of war bonds owned by individuals and legal persons is equivalent to UAH 181.6 billion, according to 1 January 2026 data, as compared with UAH 171.4 billion as of 1 January 2025.
As of 1 January 2026, nonresidents held UAH 4,146.4 million, USD 12.3 million, and EUR 10.0 million in war bonds.
In December 2025, the Ministry of Finance redeemed USD 188.0 million of war bonds.
Find out more about the military domestic government debt securities here. The table presents data at amortized face value.
On 22 March 2022, the NBU began to publish weekly statistics of the NBU Depository related to war-bond transactions. At the beginning of 2023, the NBU switched to the monthly publication of relevant releases as of the first day of the month. Previous data are available by the tag war bonds.