Ukraine had USD 45,065.6 million in international reserves as of 1 July 2025, preliminary data show. In June, the reserves grew by 1.2%. Such dynamics were driven by large inflows from international partners, which exceeded the NBU’s net FX sales and Ukraine’s FX debt repayments. International reserves are sufficient for maintaining the FX market sustainability.
The change in international reserves was generally driven by a number of factors.
First, inflows into the government’s accounts and the servicing and repayment of public debt
A total of USD 4,087.3 million came into the government’s FX accounts with the NBU in June under the G7’s initiative Extraordinary Revenue Acceleration for Ukraine (ERA). This amount included:
- USD 1,689.6 million from the Canadian government
- USD 1,247.0 million via World Bank accounts
- USD 1,150.7 million from the IMF
A total of USD 524.0 million was spent on servicing and repaying the FX public debt. This included:
- USD 226.8 million to service and repay the debt to the World Bank
- USD 4.7 million to service and repay debt to the EBRD
- USD 4.3 million to service FX domestic government debt securities
- USD 1.6 million to service the debt to the EU
- USD 286.6 million to meet the country’s liabilities to other international creditors.
In addition, Ukraine repaid USD 426.2 million to the International Monetary Fund.
Second, the NBU’s transactions on the Ukrainian FX market
The NBU sold USD 2,956.3 million on the FX market and bought USD 1.3 million to replenish international reserves, according to balance sheet data. As a result, the NBU was a net seller of USD 2,955.0 million in foreign currency in June.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In June, financial instruments increased in value by USD 337.8 million due to revaluation.
International reserves are now covering 5.6 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.