Ukraine's international reserves increased by over $2 billion: main sources and dynamics

As of April 1, 2025, Ukraine's international reserves reached $42.38 billion. During March, this figure increased by 5.6%, which is equivalent to $2.23 billion. This was reported by the press service of the National Bank of Ukraine (NBU), emphasizing the significant role of external financial support and the reduction of the regulator's currency interventions.

The key factor in the growth of reserves was the large amounts of financial assistance received from international partners. In particular, $5.98 billion was received in the government's foreign exchange accounts with the NBU. Of this amount, the largest share — $5.17 billion — was funds received within the framework of the G7 initiative called *Extraordinary Revenue Acceleration for Ukraine (ERA)*. Another $409.6 million came from the placement of foreign currency domestic government bonds (OVDP), and $398.6 million as a tranche from the International Monetary Fund under the Extended Fund Facility (EFF).

It should be noted separately that Ukraine received another $970 million in credit from the UK government, also under the ERA initiative. However, these funds are not included in the total reserves, as they are earmarked and cannot be used as reserve assets.

At the same time, in March the government made a number of payments to service and repay the state debt in foreign currency. In total, $786.7 million was spent on these needs. Of this amount, $688.7 million was directed to the repayment of foreign currency domestic government bonds, $55.9 million to payments to the World Bank, and $42.1 million to other international creditors. Additionally, Ukraine transferred another $729.2 million to the International Monetary Fund.

Positive dynamics were also observed on the NBU foreign exchange market. In March, the volume of net sales of foreign exchange by the National Bank decreased by 12.5% ​​compared to February. In total, $2.65 billion was sold during the month, while the volume of redemption was only $10 million.

In addition, the revaluation of financial instruments made a significant contribution to the increase in reserves. Due to changes in market prices and exchange rates, the value of Ukraine's reserve assets increased by another $409.7 million. The combination of all these factors allowed for a significant increase in the country's international reserves, which strengthens its financial stability in the face of ongoing challenges.