A record for the entire history of independence: Ukraine’s foreign exchange reserves exceeded $57 billion
7 January 14:43
At the beginning of 2026, Ukraine’s international reserves reached the highest level in the history of its independence, amounting to USD 57.29 billion. The growth was driven by large-scale receipts from international partners at the end of 2025, despite significant external debt payments and active foreign exchange interventions by the National Bank. This was reported by the press service of the National Bank, "Komersant Ukrainian" reports.
What is known
According to the National Bank of Ukraine, in December 2025, reserves increased by 4.6% compared to November. In total, their volume increased by more than 30% over the year, which allowed them to update historical highs several times in a row.
The NBU emphasizes that the key role was played by the financial support of international partners, which covered both the government’s debt payments and the needs of the foreign exchange market.
Where did the funds come from?
In December, the government’s foreign currency accounts at the NBU received almost $6.9 billion, including
- $3.9 billion – through the World Bank accounts;
- $2.7 billion from the European Union under the Ukraine Facility program;
- $303.8 million from the placement of domestic government bonds.
These receipts were the main factor behind the increase in reserves at the end of the year.
Debt repayments and the role of the IMF
At the same time, the government made significant external payments. In December, $668.4 million was spent on servicing and repaying the public debt in foreign currency, and another $171.4 million was paid to the International Monetary Fund.
The largest repayments were made to the World Bank, holders of domestic government bonds, and government derivatives.
NBU interventions and asset revaluation
In December, the NBU sold $4.7 billion in foreign exchange on the foreign exchange market, buying back only symbolic amounts of foreign currency to its reserves.
At the same time, the revaluation of financial instruments was an additional growth factor: due to changes in the market value of assets and exchange rates, reserves increased by another $1.16 billion.
