The National Bank of Ukraine announced a reduction in the country’s gold and foreign exchange reserves
As of April 1, 2026, Ukraine’s international reserves amounted to about $52 billion. According to official data of the National Bank, during March this figure decreased by 5% compared to the previous month.
Despite some reduction, the current volume of reserves remains at a level that allows ensuring the stability of the domestic foreign exchange market and financing future imports over the next five and a half months.
The main factor in such dynamics was the regulator’s significant foreign exchange interventions aimed at smoothing exchange rate fluctuations. According to the reports, in March the National Bank sold over $4.7 billion on the market. In addition, the state’s planned debt payments in foreign currency affected the state’s reserves. These expenses were partially offset by revenues from international partners and the placement of currency bonds of the domestic state loan.
“The current volume of international reserves is sufficient to maintain the stability of the foreign exchange market,” the National Bank emphasized.
In March, slightly more than $3 billion was received into government accounts, of which only a small part was attracted through domestic borrowing instruments. At the same time, Ukraine continues to faithfully fulfill its external obligations. In particular, $123.3 million was allocated to servicing and repaying the state debt, and payments to the International Monetary Fund amounted to $260 million.
“Revenues from international partners and placement of foreign currency bonds only partially compensated for these expenses,” NBU representatives noted.
Additional pressure on the total volume of reserves was exerted by the revaluation of financial instruments. The strengthening of the US dollar against other currencies and the simultaneous fall in the value of gold led to a decrease in the estimated value of assets in the National Bank’s portfolio by hundreds of millions of dollars. This is a market factor that traditionally affects statistics in conditions of high volatility of global markets.
Recall that over the previous three months, Ukraine’s international reserves demonstrated stable growth, repeatedly updating historical highs. In particular, in early February, the volume of reserves reached $57.7 billion.
The current decrease reflects the active phase of supporting the economy during peak loads and difficult market conditions. The existing financial shield allows the government and the central bank to maintain control over the economic situation in the country.
