According to the data from the National Bank of Ukraine, the volume of international reserves decreased by 7.3% in April 2026, amounting to $48.2 billion. This dynamic was influenced by the central bank’s currency interventions and foreign-currency debt payments, which outpaced inflows from domestic government bond issuance (OVDP) and international financial aid.
In particular, the National Bank’s net foreign currency sales on the currency market declined by 25.1% from March to $3,576.7 million. The government’s foreign currency accounts at the National Bank received $377.9 million, including $339.4 million from the placement of currency-denominated OVDPs and $38.5 million through World Bank accounts.
Ukraine also received a $1,010 million loan under the agreement with the United Kingdom, through the ERA mechanism; however, these funds are not included in international reserves due to their targeted nature.
Expenditures for servicing and repaying foreign currency state debt in April reached $716.6 million, including $433.7 million allocated to OVDPs, $186.7 million to the World Bank debt, $73.4 million to the European Union debt, and $22.8 million to other creditors. Additionally, $255.3 million was paid to the International Monetary Fund.
The revaluation of financial instruments contributed $378 million, primarily due to market value changes and exchange rate fluctuations.
Despite the overall decrease, the National Bank states that the international reserves are sufficient to ensure currency market stability and finance imports for the next 4.9 months.
Previously, in March 2026, Ukraine’s international reserves declined by 5% to $51.99 billion.
