The National Bank of Ukraine has revised certain indicators of the international investment position (hereinafter – IIP) for 2014–2025 based on the new reporting data and the renewed methodology for assessing foreign currency cash holdings outside banks, factoring in the effects of the full-scale war.
The new data for 2022–2024 received from the State Statistical Service following the resumption of mandatory submission of statistical reports by respondents has made it possible to improve the coverage and quality of data on foreign direct investment. Based on the revision, the volume of foreign direct investment in Ukraine as of the end of 2022 was increased by USD 1.1 billion, 2023 – by USD 1.0 billion, and 2024 – by USD 0.5 billion. The revised direct investment figures for 2022–2024, broken down by country, economic activity, and region, will be released as part of the data for 2025 (to be published on 31 March 2026).
In addition, the methodology for estimating foreign currency cash holdings included in the IIP was refined, and data going back to 2014 was revised. In particular, the NBU has assessed the decline in non-bank cash holdings resulting from the temporary occupation of Ukrainian territories, changes in the status of Ukrainians residing abroad for more than one year, and the impact of exchange rate differences.
The assessment of the decrease in cash holdings in Q4 2014 – Q1 2015 due to the occupation of parts of the Donetsk and Luhansk oblasts, and in Q2–Q3 2022 due to the occupation of territories following the full-scale invasion, was conducted in proportion to the decrease in each region’s share of GDP.
The impact of refugee migration and changes in refugee residency status was also taken into account. In line with the BPM6 methodology, the refugees residing abroad for more than one year are considered non-residents. The corresponding declines in assets in Q1 2023 are reflected as other changes in the IIP.
Further refinements were made by introducing a currency revaluation of holdings. Previously, non-bank foreign currency cash holdings were estimated in U.S. dollars by accumulating transactions. To assess the currency composition of changes in non-bank cash holdings, information on foreign currency cash transactions recorded in bank reports was used. Accordingly, holdings were estimated by accumulating transactions for each currency separately. As of the end of 2025, the estimated share of the U.S. dollar is 80.3%, and that of the euro is 19.2%. Overall, due to exchange rate differences, non-bank currency holdings for 2014–2025 were reduced by USD 2.3 billion.
In total, following the revision, non-bank cash holdings were reduced by USD 24.6 billion (to USD 117.6 billion).
A list of the main changes made to the external sector statistics, along with the reasons for data adjustments, can be found on the official website of the National Bank of Ukraine. You will find it under the section Statistics / External Sector Statistics / Methodological Materials at the following link.