KYIV, June 6 – As of June 1, 2025, Ukraine's international reserves stood at $44.54 billion, marking a 4.6% decrease – or $2.15 billion – compared to the previous month, according to data released by the National Bank of Ukraine (NBU).

"This dynamic was driven by the NBU's foreign exchange interventions and the country's foreign-currency debt payments," the central bank explained on its website Friday.

These outflows were only partially offset by inflows from international partners and the placement of foreign currency-denominated (FX-denominated) domestic loan government bonds.

Despite the decline, the NBU emphasized that international reserves remain higher than at the start of the year and are sufficient to maintain currency market stability, covering 5.4 months of future imports.

According to the data, Ukraine's net international reserves fell by 6.5% in May, or $2.08 billion, to $29.96 billion.

The NBU said that changes in the reserve volume were also partly influenced by its operations in the foreign exchange market. Based on balance sheet data, the central bank sold $2.96 billion in May and purchased only $1.3 million, resulting in net foreign exchange sales of $2.96 billion.

Government receipts and public debt service and repayment operations also impacted reserves.

In April, $1.35 billion was credited to the Ukrainian government's foreign currency accounts at the central bank. Of this total, $1.12 billion came from international partners – including under the G7's Extraordinary Revenue Acceleration (ERA) initiative – and $220 million from the placement of FX-denominated government bonds.

Ukraine made $310.1 million in payments for public debt servicing and repayment, including: $184.4 million on FX-denominated domestic government bonds, $67.1 million to the European Investment Bank (EIB), $30.2 million to the European Bank for Reconstruction and Development (EBRD), and $28.4 million to other international creditors.

In addition, Ukraine paid $296.3 million to the International Monetary Fund (IMF).

The central bank also reported that the revaluation of financial instruments contributed positively to reserves, increasing them by $55.8 million.

In April the NBU revised its year-end international reserves forecast upward from $40.5 billion to $57.6 billion, based on expectations of external financing under the ERA mechanism, which is backed by frozen Russian assets. (om/ez)