Ukraine's International Reserves Decrease by 5% in March to $52.0 Billion

Ukraine's international reserves, according to preliminary data, stood at $51.998 billion as of April 1, 2026, reflecting a significant decrease of 5% or $2.75 billion compared to March. This information was disclosed by the National Bank of Ukraine (NBU) on Tuesday, emphasizing the importance of these indicators for the economic stability of the country.

According to the NBU's report, the dynamics of international reserves were influenced by currency interventions conducted by the National Bank, as well as Ukraine's debt payments in foreign currency. These operations were only partially offset by inflows from international partners and the issuance of currency bonds of internal state loans, known in Ukraine as currency OVDPs.

The National Bank of Ukraine clarified that in March, it sold $4.774 billion on the currency market, while $3.046 billion was received in foreign currency accounts of the government at the NBU. This indicates active measures by the NBU in the currency market aimed at supporting the stability of the hryvnia.

The NBU's release noted that the largest inflows in March came from the International Monetary Fund (IMF), amounting to $1.521 billion, as well as receipts through World Bank accounts totaling $1.474 billion. Meanwhile, inflows from currency OVDPs amounted to $50.5 million.

Additionally, in March, Ukraine made payments for servicing and repaying state debt in foreign currency totaling $123.3 million. Among other financial obligations, Ukraine paid the International Monetary Fund $260.0 million, which also contributed to the reduction of reserves.

The National Bank of Ukraine also reported a revaluation of financial instruments that occurred due to the appreciation of the dollar against other currencies and the decline in the value of gold. These factors reduced international reserves by $656 million in March.

Despite the decrease, the NBU emphasized that the current volume of international reserves provides financing for 5.5 months of future imports. This indicates that, despite the decline, reserves remain at a sufficient level to support the stability of Ukraine's currency market.

In its inflation report for January, the NBU projected international assistance to Ukraine for this year at $51.4 billion, and $42.7 billion for the following year. This is expected to allow for an increase in reserves this year to $65 billion, and to $73 billion next year.

It is worth noting that Ukraine's international reserves grew by 30.8% in 2025, reaching a record level of $57.3 billion. This figure reflects positive trends in the country's economy, despite the challenges it faces.