Ukraine's international reserves in January 2025 decreased by 1.8% and as of February 1 amounted to 43.003 billion USD. This was reported by the National Bank of Ukraine.
"Ukraine had USD 43,003.1 million in international reserves as of 1 February 2025, preliminary data show. In January, international reserves fell by 1.8%, but remain close to the record-high level," the report stated.
International reserve dynamics were generally driven by a number of factors:
First, the NBU’s transactions in the Ukrainian FX market.
In January 2025, the NBU’s net FX sales decreased by 29.4% month-on-month. The NBU sold USD 3,756.3 million on the FX market and bought USD 6.6 million to replenish the reserves, according to balance sheet data.
Second, inflows to the government’s accounts and the servicing and repayment of public debt.
In January, EUR 3,000 million came into the government’s FX accounts with the NBU from the European Union.
Servicing and repaying the FX public debt amounted to a total of USD 535.8 million, including:
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USD 373.3 million to service and redeem FX domestic government debt securities
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USD 85.1 million to service Eurobonds
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USD 77.2 million to service and repay the debt to the World Bank
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USD 0.2 million to make payments to other creditors of Ukraine.
Third, the revaluation of financial instruments due to changes in their market value and exchange rate fluctuations.
Financial instruments increased in value by USD 401.7 million in January due to revaluation.
International reserves are now covering 5.3 months of future imports.
The data on international reserves and FX liquidity are compiled and released on a monthly basis:
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for preliminary data, no later than on the 7th day after the reporting month ends
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for revised data, no later than on the 21st day after the reporting month ends.
Revised data are available here.
