According to preliminary data, Ukraine’s international reserves stood at USD 45,726.6 million as of June 1, 2026; they decreased by 5.2% in May.
This is stated in a report by the NBU, according to the Ukrainian News agency.
This trend was driven by the National Bank’s foreign exchange interventions and the country’s debt payments in foreign currency. These operations exceeded proceeds from the placement of foreign currency domestic government bonds (foreign currency OVDPs) and from international partners. Despite the decrease, the volume of international reserves is sufficient to maintain the stability of the foreign exchange market.
Overall, the dynamics of reserves in May 2026 were determined by a number of factors.
First, the National Bank’s operations in Ukraine’s foreign exchange market.
In May, compared to April 2026, the National Bank’s net foreign exchange sales decreased by 12.4%. According to the NBU’s balance sheet data, it sold USD 3,134.9 million on the foreign exchange market in May.
Second, government receipts and payments for servicing and repaying public debt.
In May, USD 599.2 million was received into the government’s foreign currency accounts at the National Bank, including:
USD 498.8 million – through World Bank accounts;
USD 100.4 million – from the placement of foreign currency government bonds.
USD 126.2 million was paid for servicing and repaying public debt in foreign currency, including:
USD 12.9 million – servicing and repaying debt to the World Bank;
USD 7.9 million – servicing of foreign currency government bonds;
USD 105.4 million – payments to other creditors.
In addition, Ukraine paid USD 274.9 million to the International Monetary Fund.
Third, the revaluation of financial instruments (as a result of changes in market value and exchange rates) and the impact of other factors.
In May, due to the revaluation of financial instruments and the impact of other factors, international reserves increased by USD 441.9 million.
The current level of international reserves is sufficient to finance 4.7 months of future imports.
As the Ukrainian News agency earlier reported, Ukraine’s international reserves grew by over 30% to USD 57.3 billion in 2025.
In 2024, international reserves grew 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 30.941 billion.
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