In February, Ukraine’s reserves fell to $54.8 billion: what are the reasons?
6 March 12:14
According to the results of February 2026, Ukraine’s international reserves decreased by 5% and amounted to $54.8 billion. This trend was caused by currency interventions by the National Bank of Ukraine and the country’s debt payments in foreign currency.
This was reported by the press service of the National Bank of Ukraine, according to "Komersant Ukrainian".
Factors affecting the volume of reserves
Support for the currency market
The National Bank continued to sell currency to balance supply and demand. In February, net sales amounted to $2.99 billion, which is almost 20% less than in January of this year.
Debt payments and assistance from partners
More than $1 billion was received in the government’s foreign currency accounts during the month. Ukraine received most of these funds ($690.8 million) from the World Bank as part of the G7 initiative. Another $309.6 million came from the placement of foreign currency government bonds.
At the same time, Ukraine made significant payments:
- $804.1 million was allocated to servicing and repaying public debt;
- $279.7 million was transferred to the International Monetary Fund.
These transactions were only partially offset by inflows from international partners and the placement of foreign currency domestic government bonds.
Market value of instruments
Due to changes in exchange rates and the market value of financial instruments, the valuation of reserves increased by $152.5 million.
According to the regulator, the current level of reserves allows the state to maintain financial stability. The available volume is sufficient to cover import expenditures for a long time.
“The current volume of international reserves provides financing for 5.7 months of future imports,” the NBU notes.
The data for February are preliminary. The National Bank will publish the revised figures by March 21, 2026.
