Ukraine’s international reserves resume growth, exceed $45B in June

As of July 1, 2025, Ukraine’s international reserves increased to $45.07 billion, recovering after a decline in May. According to the National Bank of Ukraine (NBU), the month-on-month growth amounted to over $500 million, or 1.2%.

The increase was primarily driven by substantial inflows from international partners, which outweighed the costs of foreign exchange interventions and external debt servicing.

In June, the Ukrainian government received over $4 billion in foreign currency through the G7’s Extraordinary Revenue Acceleration (ERA) for Ukraine initiative. This included $1.7 billion from the Government of Canada, $1.2 billion via World Bank accounts, and $1.2 billion from the European Union.

At the same time, Ukraine spent $524 million on servicing its foreign currency debt. Additionally, $426 million was transferred to the International Monetary Fund (IMF).

The NBU’s net foreign exchange sales in June totaled $3 billion, remaining nearly unchanged from May.

According to the central bank, the current reserve level is sufficient to cover 5.6 months of future imports, ensuring stability in Ukraine’s foreign exchange market.

• Reserves are now close to the all-time high recorded in April, supported largely by foreign aid — although these external inflows are expected to decline starting in 2026.
• The NBU forecasts that international reserves will reach approximately $58 billion by the end of 2025.