“Ukraine’s international reserves decreased by 4.5% in July: what’s the reason?Ukraine’s international reserves decreased by 4.5% in July to USD 43,030.8 million. This was due to foreign exchange interventions
and debt payments, partially offset by inflows from partners.
”, — write: unn.ua
As of August 1, 2025, Ukraine’s international reserves, according to preliminary data, amounted to USD 43,030.8 million. In July, they decreased by 4.5%
According to the National Bank, this dynamic was caused by currency interventions and the country’s debt payments in foreign currency. These operations were only partially offset by receipts from international partners and from the placement of foreign currency domestic government bonds (foreign currency OVDPs). Despite the decrease, the volume of international reserves is sufficient to maintain the stability of the foreign exchange market.
DetailsIn general, the dynamics of reserves were determined by a number of factors.
Firstly, operations of the National Bank on the foreign exchange market of Ukraine.
According to balance sheet data, the National Bank sold USD 3,457.3 million on the foreign exchange market and bought USD 0.3 million into reserves. Thus, the NBU’s net sale of foreign currency in July amounted to USD 3,457.0 million.
Secondly, receipts in favor of the government and payments for servicing and repaying public debt.
In July, UAH 2,122.1 million was received into the government’s foreign currency accounts at the National Bank, including:
- USD 1,171.0 million – from the European Union within the framework of the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative;
- USD 513.2 million – from the IMF within the framework of the Extended Fund Facility (EFF) program;
- USD 414.0 million – from the placement of OVDPs;
- USD 23.9 million – through World Bank accounts.
USD 793.0 million was paid for servicing and repaying public debt in foreign currency, including:
- USD 638.5 million – servicing and repayment of OVDPs;
- USD 85.1 million – servicing of foreign currency bonds;
- USD 61.2 million – servicing and repayment of debt to the World Bank;
- USD 7.1 million – servicing of debt to the EU;
- USD 1.1 million – payment to other creditors.
In addition, Ukraine paid USD 2.6 million to the International Monetary Fund.
Thirdly, revaluation of financial instruments (due to changes in market value and exchange rates).
In July, due to revaluation, the value of financial instruments increased by USD 101.5 million.
The current volume of international reserves provides financing for 4.7 months of future imports.
Data on international reserves and foreign currency liquidity are compiled and published monthly:
- no later than the seventh day of the month following the reporting month – preliminary data;
- no later than the 21st day of the month following the reporting month – updated data.
RecallUkraine’s international reserves as of July 1, 2025, reached $45.1 billion, increasing by 1.2% in June. The growth was due to receipts from partners exceeding currency sales and debt payments.