In March 2026, the volume of Ukraine’s international reserves was estimated at 51.99 billion US dollars, indicating a decrease of 5% compared to February of this year.
This is reported by Finway
Factors Influencing the Decrease in Reserves
According to data from the National Bank of Ukraine, the main factors contributing to the reduction of reserves were the currency interventions by the regulator and significant debt repayments in foreign currency. Part of these expenses was offset by inflows from international partners, as well as from the issuance of foreign currency domestic government bonds (foreign currency OVDPs).
The key role in the March dynamics of reserves was played by inflows for the benefit of the Ukrainian government and expenses related to servicing and repaying state debt. In March, 3,045.9 million US dollars were credited to the government’s foreign currency accounts at the National Bank.
Debt Payments and Currency Operations
As part of servicing and repaying state debt, Ukraine paid 123.3 million US dollars, including 59.4 million to the World Bank, 6.1 million to the European Union, 5.2 million for foreign currency OVDPs, and 52.6 million US dollars to other creditors. Additionally, 260 million US dollars were paid to the International Monetary Fund.
The activities of the National Bank in the domestic currency market also had a significant impact on the volume of reserves. In March, the NBU sold 4,774.4 million US dollars in the market.
“As of April 1, 2026, Ukraine’s international reserves amounted to 51,998.0 million US dollars, having decreased by 5.0% in March”
Moreover, the reserves were negatively affected by the revaluation of financial instruments due to changes in market value and exchange rates. By the end of March, the value of financial instruments in the reserve portfolio decreased by 656.2 million US dollars.
Currently, Ukraine’s international reserves provide financing for future imports for 5.5 months, which corresponds to accepted international standards of financial stability.
It is worth noting that at the beginning of March 2026, Ukraine’s international reserves amounted to 54.75 billion dollars, and a 5% decrease was also recorded in February.