Ukraine’s international reserves decreased by 5.2% as of June 1, 2026, to $45.7 billion. The main reasons for the decrease were significant foreign exchange interventions by the National Bank and payments on public debt, which exceeded the volume of receipts from international partners and the placement of foreign currency government bonds. This was reported by the NBU on June 5.
The National Bank of Ukraine explained that several main factors influenced the change in the volume of international reserves in May.
First of all, we are talking about the NBU’s operations on the foreign exchange market. In May, the regulator’s net sale of foreign exchange decreased by 12.4% compared to April. In total, the National Bank sold $3.13 billion on the interbank foreign exchange market during the month.
At the same time, $599.2 million was received on the government’s foreign exchange accounts with the NBU. In particular, $498.8 million was received through the World Bank accounts, another $100.4 million from the placement of foreign currency bonds of the domestic state loan.
During the same period, Ukraine allocated $126.2 million to service and repay the state debt in foreign currency. Of this amount, $12.9 million were payments to the World Bank, $7.9 million to service foreign currency government bonds, and $105.4 million to payments to other creditors. In addition, Ukraine paid $274.9 million to the International Monetary Fund.
The decrease in reserves was partially offset by the revaluation of financial instruments due to changes in the market value of assets and exchange rates. Due to this, as well as the influence of other factors, international reserves increased by $441.9 million in May.
As of June 1, the volume of Ukraine’s international reserves remains sufficient and covers the financing of 4.7 months of future imports.
The NBU recalled that data on international reserves and liquidity in foreign currency are published monthly. Preliminary data are published no later than the seventh day of the month following the reporting month, and revised data no later than the 21st day of such a month.
At the same time, Ukraine’s reserves decreased due to servicing and repayment of public debt. The largest payments went to the World Bank, the European Union, and other creditors. Separately, Ukraine paid $255.3 million to the International Monetary Fund.
