Photo: NBU

As of May 1, 2025, Ukraine's international reserves increased to $46.68 billion, a new historical record. The month-on-month increase was more than $4 billion, or 10.2%, according to the website of the NBU.

Such a rapid increase in reserves in April is explained by large tranches of financial assistance from international partners.

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NBU reserves in 2010-2025 (Source: NBU)

The government's foreign currency accounts at the National Bank received $4.86 billion from the European Union under the Ukraine Facility and the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative, $1.29 billion from international partners through World Bank accounts, and $192 million from the placement of foreign currency domestic government bonds.

Another tranche – a $992 million British loan – was not included in Ukraine's international reserves due to its limited purpose.

Payments for servicing and repayment of public debt amounted to $517.9 million, another $82.1 million was paid by Ukraine to the International Monetary Fund.

In April, net sales of foreign currency from the NBU's operations continued to decline and amounted to $2.2 billion, down 17.1% from the previous month.

Revaluation of financial instruments led to an increase in provisions by $742.5 million.

The current level of reserves provides funding for 5.6 months of future imports.

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  • The NBU expects that this year Ukraine may receive more significant than previously expected international financial assistance due to faster transfer of tranches under the ERA Loans mechanism. This money will be enough not only to finance this year's budget deficit, but also to create a reserve for public finances for next year, when the volume of external assistance is likely to start decreasing Significant revenues this year will allow to increase .