Ukraine’s international reserves have fallen by more than 7%: the NBU explains why
7 May 17:11
As of May 1, 2026, Ukraine’s international reserves stood at $48,214.7 million. In April, they declined by 7.3%.
This was reported by "Komersant Ukrainian" citing the press service of the National Bank of Ukraine.
According to the National Bank, this trend was driven by the NBU’s currency interventions and the country’s debt payments in foreign currency.
“This trend was driven by the National Bank’s foreign exchange interventions and the country’s debt payments in foreign currency. These transactions exceeded proceeds from the placement of domestic government foreign currency bonds and from international partners. Despite the decline, the volume of international reserves is sufficient to maintain the stability of the foreign exchange market,” the statement said.
What influenced the dynamics of reserves
As explained by the National Bank, the dynamics of reserves in April 2026 were generally determined by a number of factors.
- First, the National Bank’s operations in Ukraine’s foreign exchange market.
In April, compared to March 2026, the National Bank’s net foreign exchange sales decreased by 25.1%. According to the NBU’s balance sheet data, in April it sold $3,576.7 million on the foreign exchange market.
- Second, government receipts and payments for servicing and repaying public debt.
In April, $377.9 million was received into the government’s foreign currency accounts at the National Bank, including:
- $339.4 million from the placement of foreign currency government bonds;
- $38.5 million – through World Bank accounts.
“In addition, Ukraine received a $1.01 billion loan under the agreement between Ukraine and the United Kingdom within the framework of the ERA. These funds were not included in Ukraine’s international reserves due to their restricted (earmarked) use,” the NBU noted.
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At the same time, $716.6 million was paid for servicing and repaying foreign currency government debt:
- $433.7 million—servicing and repayment of foreign currency government bonds;
- $186.7 million – servicing and repayment of debt to the World Bank;
- $73.4 million – servicing and repayment of debt to the EU;
- $22.8 million – payments to other creditors.
In addition, Ukraine paid $255.3 million to the International Monetary Fund.
The National Bank’s net foreign exchange sales decreased by 25.1% compared to March—in April, the regulator sold $3.577 billion on the foreign exchange market.
- Third, the revaluation of financial instruments (as a result of changes in market value and exchange rates).
In April, the value of financial instruments increased by $378.0 million due to revaluation.
The NBU emphasized that, despite the decrease, the volume of international reserves is sufficient to maintain the stability of the foreign exchange market.
Ukraine’s International Reserves
As a reminder, Ukraine’s international reserves stood at $52 billion as of early April. According to the NBU, they decreased by 5% in March.
The NBU explained that Ukraine’s reserves were reduced by currency exchange rate support, servicing of public debt, and revaluation due to the decline in the price of gold.
In February, however, Ukraine’s international reserves stood at $57,660.3 million, a new all-time high. Over the month, they increased by $357.8 million.
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