Ukraine’s foreign exchange reserves have fallen by 5%: what the NBU is saying
7 April 16:33
According to preliminary data, Ukraine’s international reserves stood at $51,998.0 million as of April 1, 2026. In March, they decreased by 5.0%. This was reported by "Komersant Ukrainian", citing the NBU’s press service.
“This trend was driven by the National Bank’s currency interventions and the country’s debt payments in foreign currency. These transactions were only partially offset by inflows from international partners and from the placement of foreign currency bonds under the domestic government loan program. Despite the decrease, the volume of international reserves is sufficient to maintain the stability of the currency market,” the National Bank reported.
As explained by the NBU, the dynamics of reserves in March 2026 were generally determined by a number of factors.
First, the National Bank’s operations in Ukraine’s foreign exchange market
According to the NBU’s balance sheet data, in March the NBU sold $4,774.4 million on the foreign exchange market.
Second, receipts in favor of the government and payments for servicing and repaying public debt
In March, the government’s foreign currency accounts at the National Bank received $3,045.9 million, including:
- $1,521.1 million – from the International Monetary Fund under the Extended Fund Facility (EFF) program;
- $1,474.3 million – through World Bank accounts;
- $50.5 million – from the placement of foreign currency government bonds.
USD 123.3 million was paid for servicing and repaying foreign currency government debt, including:
- $59.4 million – servicing and repayment of debt to the World Bank;
- $6.1 million – servicing debt to the EU;
- $5.2 million – servicing of government bonds;
- $52.6 million – payments to other creditors.
In addition, Ukraine paid $260.0 million to the International Monetary Fund.
Third, revaluation of financial instruments (as a result of changes in market value and exchange rates)
In March, the value of financial instruments decreased by $656.2 million due to revaluation, driven by the strengthening of the dollar against other reserve currencies and a decline in the price of gold.
The current level of international reserves is sufficient to finance 5.5 months of future imports.
Data on international reserves and foreign currency liquidity are compiled and published monthly:
- no later than the seventh day of the month following the reporting month—preliminary data;
- no later than the 21st day of the month following the reporting month – revised data.
As a reminder, as of the morning of April 7, the exchange rates of major currencies have declined in Ukraine’s cash market. The dollar and euro have mostly fallen in value at exchange offices and banks compared to the previous day.
It was also previously reported that Ukraine’s international reserves as of February 1, 2026, amounted to $57,660.3 million, marking a historic high.
