According to preliminary data, Ukraine had USD 42,380.0 million in international reserves as of 1 April 2025. In March, the reserves increased by 5.6%. Such dynamics were driven by large inflows from international partners on the one hand, and a decrease in net FX sales by the NBU on the other.
International reserves dynamics were generally driven by a number of factors.
First, inflows to the government’s accounts and the servicing and repayment of public debt
A total of USD 5,980.2 million came into the government’s FX accounts with the NBU. This amount included:
- USD 5,172.0 million from international partners, including under G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA)
- USD 409.6 million from the issuing of FX domestic government debt securities
- USD 398.6 million from the International Monetary Fund under the Extended Fund Facility (EFF) program.
Furthermore, Ukraine received a USD 970.0 million loan under the agreement between Ukraine and the UK as part of the ERA initiative. These funds were not included into international reserves of Ukraine due to restricted (targeted) use of the funds.
A total of USD 786.7 million was spent on servicing and repaying the FX public debt. This included:
- USD 688.7 million to service and redeem FX domestic government debt securities
- USD 55.9 million to service and repay the debt to the World Bank
- USD 42.1 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 729.2 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
In March 2025, the NBU’s net FX sales decreased by 12.5% month-on-month. The NBU sold USD 2,653.7 million on the FX market and bought USD 10.0 million to replenish the reserves, according to balance sheet data.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In March, financial instruments increased in value by USD 409.7 million due to revaluation.
International reserves are now covering 5.2 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.