Ukraine’s international reserves fell to $47.1 billion over the month - what are the reasons
Kyiv • UNN
Ukraine’s international reserves decreased by 3.2% to $47.1 billion in September. The NBU sold $5.45 billion in foreign currency, while the state made debt payments.
Ukraine’s international reserves stood at $47.1 billion at the beginning of October, decreasing by 3.2% over the month. This was influenced, among other factors, by the National Bank’s foreign currency sales and government debt payments. UNN reports this with reference to NBU data dated October 7.
Details
"As of October 1, 2026, Ukraine’s international reserves amounted to $47,101.8 million, according to preliminary data. They decreased by 3.2% in September. This dynamic was driven by the National Bank’s foreign exchange interventions and the country’s foreign-currency debt payments. These operations exceeded receipts from international partners and the conversion into hryvnia of the currency received under the Ukraine Support Loan program," the statement said.
The current volume of international reserves, as stated, "is sufficient to maintain the stability of the foreign exchange market."
How much was received from international partners
According to the NBU, $890.4 million was transferred to the government’s foreign currency accounts at the NBU through World Bank accounts.
In addition, Ukraine received $3.81 billion from the European Union as part of the defense tranche under the Ukraine Support Loan program.
"These funds are not included in Ukraine’s international reserves due to their limited (targeted) purpose of use. However, if the government sells them to the National Bank in exchange for hryvnias for subsequent use for their intended purpose, international reserves increase by the corresponding amount," the statement said.
As stated, "in September, the government converted $3.81 billion of these funds into hryvnias, which accordingly contributed to an increase in international reserves." "At the same time, it should be taken into account that hryvnia financing from these funds subsequently leads to increased demand in the foreign exchange market, which affects the volume of the National Bank’s foreign exchange interventions," the NBU noted. "Thus, the National Bank’s operations with these funds effectively perform a redistribution function."
How much foreign currency the NBU sold
"In September, the NBU sold $5,449.9 million on the foreign exchange market," the NBU statement said.
How much was paid toward government debt
$195.7 million was paid for servicing and repaying government debt in foreign currency, including:
- $72.3 million – servicing and repayment of debt to the World Bank;
- $8.3 million – servicing foreign currency domestic government bonds;
- $115.1 million – payments to other creditors.
In addition, Ukraine paid the International Monetary Fund $254.3 million.