International reserves may grow to USD 57.6 billion this year - NBU forecast

The National Bank of Ukraine (NBU) has improved its forecast for the growth of international reserves from USD 40.5 billion to USD 57.6 billion by the results of 2025.

This is stated in the NBU report, Ukrainian News Agency reports.

At the same time, the forecast for reserves for next year has also been improved from USD 38.5 billion to USD 46.8 billion.

After significant revenues this year, external financial assistance will decrease in the following years, but it will be enough for emission-free financing of the budget deficit and maintaining the stability of the foreign exchange market.

This year, Ukraine may receive more significant than previously expected volumes of international financial assistance due to faster transfer of tranches under the ERA Loans mechanism.

These funds will be sufficient not only to finance this year's budget deficit, but also to form a reserve for public finances for next year, when the volumes of external assistance will probably begin to decline.

This year's significant inflows will also allow Ukraine to increase its international reserves in 2025, maintain them at a high level over the coming years, and accordingly maintain the stability of the foreign exchange market.

The latter, together with interest rate policy measures, will contribute to further keeping inflation expectations under control and gradually reducing inflation to the 5% target over the policy horizon.

As Ukrainian News Agency earlier reported, in January of this year, the National Bank of Ukraine downgraded its forecast for the growth of international reserves from USD 41 billion to USD 40.5 billion by the end of 2025.