Ukraine's International Reserves Decline by 5% - National Bank

The National Bank of Ukraine (NBU) has released information regarding the state of Ukraine's international reserves, revealing that as of April 1, 2026, they amounted to $51.998 billion. This figure represents a 5% decrease compared to the previous month, indicating a negative trend in this crucial financial sector.

According to the NBU's announcement, the decline in reserves was attributed to several factors, including currency interventions by the National Bank and payments on foreign currency state debt. These financial operations were only partially offset by inflows from international partners and revenues from the placement of foreign currency domestic government bonds (foreign currency OVDPs).

In March 2026, the dynamics of international reserves were influenced by several key factors. Firstly, $3.045 billion was deposited into the government's currency accounts at the National Bank. These funds were utilized for servicing and repaying state debt, which in turn impacted the overall volume of reserves.

The NBU reported that in March, $123.3 million was paid for servicing and repaying state debt in foreign currency. Among these payments, $59.4 million was allocated for servicing debt to the World Bank, $6.1 million for servicing debt to the European Union, $5.2 million for servicing OVDPs, and $52.6 million to other creditors. Additionally, Ukraine made a payment of $260 million to the International Monetary Fund.

The second significant factor affecting the size of international reserves was the National Bank's operations in the Ukrainian currency market. According to the NBU's balance sheet data, $4.774 billion was sold on the currency market in March. These actions contributed to the reduction of reserves as the NBU seeks to maintain stability in the currency market.

Moreover, the dynamics of reserves in March were also influenced by the revaluation of financial instruments, which occurred due to changes in market value and exchange rates. As a result of this revaluation, the value of financial instruments decreased by $656.2 million, which also negatively impacted the total volume of international reserves.

The National Bank of Ukraine emphasized that the current level of international reserves is sufficient to finance 5.5 months of future imports. This indicates that, despite the decrease, the reserves are still capable of ensuring economic stability in the short term.

It is worth noting that as of March 1, 2026, preliminary data indicated that Ukraine's international reserves stood at $54.753 billion, which also saw a 5% decline in February. This trend raises concerns among economists and analysts who are closely monitoring the economic situation in Ukraine.

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