Ukraine’s intl reserves surge 30.8% in 2025 to record $57.3 bln
According to preliminary data, as of January 1, 2026, international reserves of Ukraine amounted to $57.293 billion, which is the highest figure in the entire history of independent Ukraine, the National Bank of Ukraine (NBU) reported on Wednesday.
"The record growth in international reserves during a full-scale war has been driven by the synergy of three key factors: support of international partners, stable operation of the domestic debt market and the policy of the National Bank," said Andriy Pyshnyy, head of the regulator.
In December, international reserves increased by $2.536 billion (4.6%) and by a total of $13.497 billion (30.8%) for 2025.
According to the NBU, net international reserves reached a historical maximum of $43.317 billion at the beginning of 2026, increasing by $14.216 billion (48.8%) over the past year. Including December, their growth amounted to $595 million, or 6.4%.
At the beginning of this year, the structure of reserves was as follows: 44.8% securities, 48.4% cash, correspondent accounts, and deposits; and 6.8% monetary gold. A year earlier, their respective shares were 67.1%, 27.6%, and 5.3%.
As of January 1, 2026, according to published data, the share of dollar assets in reserves increased to 64.6%, up from 60.5% a month ago and down from 86.4% a year earlier. In contrast, the euro's share decreased to 27.8% in December (compared to 31.9% in November and 6.8% in December 2024).
According to the report, the government's foreign exchange accounts at the National Bank received $6.915 billion in December. Of this amount, $3.913 billion came through World Bank accounts, $2.699 billion came from the EU through the Ukraine Facility instrument, and $0.304 billion came from the placement of government bonds.
Meanwhile, the Ukrainian government spent $668.4 million servicing and repaying state debt in foreign currency. This included $212.9 million to the World Bank, $212.7 million for government bond servicing and repayment, $182.2 million for government derivative payments, $5 million to the European Bank for Reconstruction and Development (EBRD), $2.1 million to the European Investment Bank (EIB), and $53.5 million to other international creditors. Additionally, Ukraine paid $171.4 million to the International Monetary Fund (IMF).
In December, the National Bank of Ukraine sold $4.7 billion on the foreign exchange market ($2.7 billion in November) and bought $0.5 million for reserves ($1.3 million in November).
The central bank noted that "the last month’s increase in the central bank’s interventions to sell foreign currency was primarily due to the traditional seasonal factor of higher budgetary spending and a pickup in business operations at the end of the year. However, compared to December 2024, the volume of interventions decreased by 13%."
The revaluation of financial instruments increased the value of reserves by $1.162 billion in December.
According to balance sheet data, in total, the country received $52.4 billion in international financial support during 2025: $32.7 billion from the EU, $13.2 billion through World Bank accounts, $3.4 billion from Canada, $0.9 billion from the IMF, and $0.2 billion from the Council of Europe Development Bank.
The report specifies that, in accordance with the agreement between Ukraine and the United Kingdom within the framework of the ERA, another $2.0 billion was not included in international reserves due to its intended purpose. Additionally, the country received over $3.3 billion in 2025 through the placement of foreign currency government bonds.
According to the National Bank, these revenues compensated for payments servicing and repaying the foreign currency state debt ($6.8 billion) and IMF payments ($3.2 billion), as well as the National Bank's net currency sales ($36.2 billion).
The National Bank summarized, "international reserves are now covering 5.9 months of future imports."
