As of June 1, 2026, Ukraine's international reserves amounted to $45.7 billion, according to preliminary data from the National Bank. Despite a decline in May, the regulator emphasizes that the current volume of funds remains sufficient to maintain the stability of the currency market.

Reasons for the decline in reserves

In May, the volume of reserves decreased by 5.2%. The National Bank explained this with two main factors: currency interventions by the regulator and state payments on external obligations. The volume of these operations exceeded inflows from international partners and income from the placement of currency bonds of the internal state loan.

The key role was played by the NBU's intervention in the currency market. In May, the regulator's net sale of currency decreased by 12.4% compared to April, but remained significant. Overall for the month, the National Bank sold $3.13 billion on the market.

Inflows and outflows

At the same time, $599.2 million was credited to the government's currency accounts at the National Bank during May. Of this amount, $498.8 million came through World Bank accounts, and another $100.4 million was attracted by the state thanks to the placement of currency OVGZ (State Internal Loan Bonds).

For the servicing and repayment of the state debt in foreign currency, Ukraine paid $126.2 million. Specifically:

  • $12.9 million — to repay the debt to the World Bank;
  • $7.9 million — for servicing currency OVGZ;
  • $105.4 million — to other creditors.

In addition, in May, Ukraine made a payment to the International Monetary Fund in the amount of $274.9 million.

Compensation and assessment of the situation

Partially, the reduction in reserves was compensated by the revaluation of financial instruments and the influence of market factors. Thanks to this, reserves increased by $441.9 million.

Despite the decline, the NBU notes that the current level of international reserves remains sufficient. As of the beginning of June, their volume ensures financing for 4.7 months of future imports of goods and services.