As of December 1, 2025, Ukraine's international reserves, according to preliminary data, amounted to USD 54,748.0 million, which is the highest figure in the history of independent Ukraine, in November they increased by 10.6%.
This is stated in the report of the NBU, the Ukrainian News agency reports.
This dynamics is due to the largest volumes of receipts from international partners since the beginning of the year, which exceeded the net sale of foreign currency by the National Bank and the country's debt payments in foreign currency.
The volume of international reserves is sufficient to maintain the stability of the foreign exchange market.
In general, the dynamics of reserves was determined by a number of factor.
Firstly, government revenues and payments for servicing and repaying state debt.
In November, the government's foreign exchange accounts at the National Bank received USD 8,147.7 million, including:
- USD 6,889.7 million from the EU within the framework of the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative and the Ukraine Facility;
- USD 810.4 million through the World Bank accounts;
- USD 332.1 million from the placement of government bonds;
- USD 115.5 million from the Council of Europe Development Bank.
- USD 493.0 million was paid for servicing and repaying the state debt in foreign currency, including:
- USD 370.2 million for servicing and repaying government bonds;
- USD 65.3 million for servicing and repaying debt to the European Investment Bank;
- USD 30.3 million for servicing and repaying debt to the EBRD;
- USD 18.0 million – debt service to the World Bank;
- USD 9.2 million – payment to other creditors.
In addition, Ukraine paid USD 282.6 million to the International Monetary Fund.
Secondly, the operations of the National Bank on the foreign exchange market of Ukraine.
According to balance sheet data, the National Bank sold USD 2,728.3 million on the foreign exchange market and bought USD 1.3 million to reserves. Thus, the net sale by the NBU of foreign exchange in November amounted to USD 2,727.0 million, which is 3.9% less than in October.
Thirdly, the revaluation of financial instruments (due to changes in market value and exchange rates).
In November, due to revaluation, the value of financial instruments increased by USD 581.7 million.
The current volume of international reserves provides financing for 5.6 months of future imports.
As Ukrainian News Agency earlier reported, in 2024, net international reserves increased by 2.4% from USD 28.381 billion.
In 2023, net reserves increased by 54.6% from USD 18.322 billion.
In 2022, net reserves decreased by 11.8% from USD 20.767 billion.
In 2021, the NBU's net international reserves increased by 14.6% from USD 18.144 billion to USD 20.765 billion.
In 2020, net reserves increased by 14.5% from USD 15.785 billion.
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