International reserves increase by 4.6% to record USD 57 billion in December

Ukraine's international reserves as of January 1, 2026, according to preliminary data, amounted to USD 57,292.5 million, which is the highest figure in the history of independent Ukraine

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

In December, they grew by 4.6% compared to November 2025, primarily due to receipts from international partners, which exceeded the National Bank's net sale of foreign currency and the country's debt payments in foreign currency.

In 2025, Ukraine's international reserves increased by more than 30% to USD 57.3 billion.

In general, the dynamics of reserves in December 2025 was determined by a number of factors.

First, revenues to the government and payments for servicing and repaying public debt.

The government's foreign currency accounts at the NBU received USD 6,915.3 million. Of this amount:

USD 3,912.5 million - through the accounts of the World Bank;

USD 2,699.0 million - from the EU under the Ukraine Facility financial instrument;

USD 303.8 million - from the placement of domestic government bonds.

The Government of Ukraine paid USD 668.4 million for servicing and repayment of the public debt in foreign currency, of which:

USD 212.9 million - debt to the World Bank;

USD 212.7 million – servicing and repayment of government bonds;

USD 182.2 million - payments on government derivatives;

USD 5.0 million - debt to the EBRD;

USD 2.1 million - debt to the European Investment Bank;

USD 53.5 million - debt to other international creditors.

In addition, Ukraine paid USD 171.4 million to the International Monetary Fund.

Second, the NBU's operations in the foreign exchange market of Ukraine.

According to balance sheet data, the National Bank sold USD 4,702.1 million on the foreign exchange market and bought USD 0.5 million to reserves. Thus, the NBU's net sale of foreign exchange in December amounted to USD 4,701.6 million, which is 1.7 times more than in November. The increase in the NBU's interventions in the sale of foreign exchange last month is primarily due to the traditional seasonal factor - the activation of budget expenditures and business operations at the end of the year. At the same time, compared to December 2024, the volume of interventions was 13% less.

Third, the revaluation of financial instruments (due to changes in market values and exchange rates).

In December, the value of financial instruments increased by USD 1,162.3 million due to revaluation.

In total, Ukraine's international reserves increased by 30.8% in 2025.

Last year, Ukraine received the most powerful global financial support during a full-scale war - USD 52.4 billion, according to balance sheet data.

The largest financial assistance came from the European Union - USD 32.7 billion, through the World Bank accounts - USD 13.2 billion, from Canada - USD 3.4 billion, the IMF - USD 0.9 billion, and the Council of Europe Development Bank - USD 0.2 billion.

Ukraine also received USD 2.0 billion under the ERA agreement between Ukraine and the UK. These funds were not included in Ukraine's international reserves due to their restricted (targeted) use.

In addition, in 2025, the country received more than USD 3.3 billion through the placement of foreign currency government bonds. This, along with international assistance, made it possible to

compensate for the country's payments for servicing and repayment of public debt in foreign currency (USD 6.8 billion) and payments to the International Monetary Fund (USD 3.2 billion);

compensate for the NBU's net interventions in the sale of foreign exchange (USD 36.2 billion), which were carried out to compensate for the structural deficit in the foreign exchange market and smooth out excessive exchange rate fluctuations under conditions of managed exchange rate flexibility;

increase international reserves to a historically record level, which is sufficient to continue to maintain exchange rate stability.

The current level of international reserves provides funding for 5.9 months of future imports,

As the Ukrainian News agency earlier reported, in 2024 international reserves increased by 8% to USD 43.8 billion

In 2023, Ukraine's international reserves grew by 42% to USD 40.5 billion.

In 2022, international reserves decreased by 7.9% to USD 28.5 billion.

In 2021, international reserves increased by 6% to USD 0.941 billion.