Ukraine’s intl reserves grow 0.6% in Jan, reaching new all-time high of $57.7 bln

According to preliminary data, as of February 1, 2025, international reserves of Ukraine amounted to $57.66 billion, which is the highest figure in the entire history of the country's independence, the National Bank of Ukraine (NBU) reported on Friday.

"In January, they increased by $357.8 million compared to the previous month – primarily thanks to external financing, which largely compensated for the NBU’s net FX sales and Ukraine’s FX debt repayments," the regulator reports.

The regulator added that net international reserves rose in January to $43.73 billion, up $406 million, or 0.9%, from December 2025.

According to the published data, as of February 1, 2026, the share of dollar-denominated assets in reserves increased to 67.7% from 64.6% a month earlier and 82.8% a year ago. In contrast, the euro share fell to 23.0% (27.8% in December and 10.0% in January 2025).

The share of gold in reserves at the beginning of February stood at 8.5%, compared with 6.8% a month earlier and 5.7% a year ago.

By reserve structure, securities accounted for 47.3%, cash, correspondent accounts, and deposits 44.2%, and monetary gold 8.5%. A month earlier, these shares were 44.8%, 48.4%, and 6.8%, respectively, and a year ago 67.6%, 26.7%, and 5.7%.

The report noted that $3.124 billion was credited in January to the government’s foreign currency accounts at the National Bank through World Bank accounts.

At the same time, the Ukrainian government paid $310.7 million in foreign currency for servicing and repaying public debt, including $233.9 million for servicing and redeeming government bonds and $76.8 million to other creditors. In addition, Ukraine paid $171.6 million to the International Monetary Fund.

On the foreign exchange market, the National Bank of Ukraine sold nearly $3.73 billion in January, down from $4.70 billion in December 2025.

Revaluation of financial instruments in January increased the value of reserves by $1.445 billion.

According to the regulator’s January inflation report, international assistance to Ukraine is projected at $51.4 billion in 2026, $42.7 billion in 2027, and $21.6 billion in 2028. This is expected to allow international reserves to remain at around $65 billion by the end of 2026, about $73 billion in 2027, and nearly $71 billion in 2028.