Ukraine's international reserves fell to $44.5 billion after several months of growth
Photo: National Bank

In May 2025, Ukraine's international reserves decreased by 4.6% due to the National Bank's foreign exchange interventions and the state's debt payments in foreign currency – to $44.5 billion. The NBU writes about this.

These operations were only partially offset by proceeds from international partners and from the placement of foreign currency bonds of domestic government debt (foreign currency government bonds).

Despite the decrease, the volume of international reserves is greater than at the beginning of the year and sufficient to maintain the stability of the foreign exchange market.

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The dynamics of reserves was determined by a number of factors:

  • operations of the National Bank on the foreign exchange market of Ukraine (in May, the National Bank sold $2.962 billion and bought back only $1.3 million, net sale – $2.961);
  • receipts in favor of the government and payments for servicing and repaying the public debt (the government's foreign exchange accounts with the NBU received $1.36 billion: $1.13 billion from the EU within the framework of the G7 ERA initiative and $227 million from the sale of government bonds);
  • revaluation of financial instruments (the value of financial instruments increased by $55.8 million).

$310 million was paid for servicing and repaying the state debt in foreign currency, of which:

  • $184.4 million – servicing and repayment of foreign currency government bonds;
  • $67.1 million – servicing and repayment of debt to the EIB;
  • $30.2 million – debt service and repayment to the EBRD;
  • $28.4 million – payment to other international creditors.

In addition, Ukraine paid $296.3 million to the International Monetary Fund.

The current volume of international reserves provides financing for 5.4 months of future imports.