Ukraine’s FX reserves rise to unprecedented $54.7 billion

Ukraine’s international reserves increased by more than 10% in November, reaching $54.75 billion — the highest level in the country’s history, according to the National Bank of Ukraine (NBU).

The previous record had been set just a month earlier, when reserves reached $49.5 billion.

The sharp increase was driven by the largest inflow of international assistance this year, which exceeded both the NBU’s net foreign currency sales and Ukraine’s external debt payments.

In November, the government received $8.15 billion in foreign currency inflows, including nearly $7 billion from the European Union under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative and the Ukraine Facility program.

Meanwhile, the NBU’s net foreign currency sales decreased by 3.9% to $2.73 billion compared with October.

According to the central bank, the current level of reserves can cover 5.6 months of future imports, which it says is sufficient to maintain stability on Ukraine’s foreign exchange market.

• At the end of the year the NBU projected $53.6 billion in reserves.
• The NBU's baseline scenario assumes that Ukraine will receive more than $45 billion in international financial assistance in 2026. This depends on the EU's decision on the reparations loan which is expected in two weeks.