Ukraineʼs international reserves have reached a record high since the start of Russiaʼs full-scale invasion — $46.7 billion. Reserves have increased by $4.31 billion in one month.
This was reported by the National Bank of Ukraine (NBU).
In April, international reserves grew by 10.2%. Ukraine received a lot of money from international partners, and the National Bank almost did not spend its dollar reserves to support the hryvnia — less than at any time since April 2024.
The governmentʼs foreign exchange accounts at the National Bank received $6.35 billion. In particular, $4.86 billion came from the European Union under the Ukraine Facility program and the G7 (Group of Seven) ERA initiative. Another $1.29 billion came from partners through the World Bank accounts, and an additional $192 million came from the placement of domestic government foreign exchange bonds.
Additionally, Ukraine received $990 million in credit from the United Kingdom under the ERA, but these funds were not included in the reserves due to their intended purpose.
$517 million was allocated to repay and service external debt: $299 million for foreign currency government bonds, $169 million to the World Bank, and another $49 million to other creditors. In addition, Ukraine paid $82 million to the International Monetary Fund.
In April, the NBU reduced net foreign exchange sales by 17.1% compared to March 2025, selling $2.21 billion and purchasing $0.02 billion to reserves. Revaluation of financial instruments due to changes in exchange rates and values added $0.74 billion to reserves.
In April, some instruments held by the National Bank (e.g., US or EU bonds) appreciated in global markets or their value in dollar terms increased due to changes in exchange rates. As a result, the total amount of international reserves increased by $742 million.
Currently, Ukraineʼs international reserves cover 5.6 months of imports.
Nominally, the current reserve figure is the largest in the history of Ukraine, but adjusted for inflation, it is not the maximum. For example, in August 2008, reserves amounted to $38 billion, which is equivalent to $55.5 billion in current prices, according to Ukrainian Forbes.
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