Preliminary data show that, as of 1 March 2025, Ukraine’s international reserves amounted to USD 40,145.5 million. In February, international reserves decreased by 6.7%. These dynamics were driven by the NBU’s FX interventions and Ukraine’s FX debt repayments. These transactions were only partially offset by funding received from issuing FX domestic government debt securities, given the lack of inflows from international partners. Despite the decrease, the international reserves are sufficient for maintaining the FX market sustainability.
International reserve dynamics were generally driven by a number of factors:
First, the NBU’s transactions in the Ukrainian FX market
In February 2025, the NBU’s net FX sales decreased by 19.4% month-on-month. The NBU sold USD 3,022.6 million on the FX market and bought USD 0.5 million to replenish the reserves, according to balance sheet data.
Second, inflows to the government’s accounts and the servicing and repayment of public debt
In February, USD 255.0 million came into the government’s FX accounts from issuing of FX domestic government debt securities.
The government spent a total of USD 341.6 million on servicing and repaying the FX public debt including:
- USD 275.3 million to repay the debt to the World Bank
- USD 54.1 million to meet the liabilities to other international creditors of Ukraine
- USD 12.2 million to service FX domestic government debt securities.
In addition, Ukraine repaid USD 428.9 million to the International Monetary Fund.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations
In February, financial instruments increased in value by USD 673.4 million due to revaluation.
International reserves are now covering 4.9 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.