National Bank of Ukraine reports international reserves fell 4.6% in May to USD 44.5 billion

The National Bank of Ukraine published preliminary data showing Ukraine’s international reserves stood at USD 44,535.5 million as of 1 June 2025, down 4.6% over May. The decline was driven mainly by the central bank’s foreign exchange interventions and foreign-currency debt repayments, partly offset by external funding and proceeds from issuing foreign-currency domestic government debt securities; reserves remained higher than at the start of the year and covered 5.4 months of future imports. In May, the National Bank of Ukraine sold USD 2,962.4 million and bought USD 1.3 million on the foreign exchange market, making it a net seller of USD 2,961.1 million. Government foreign-currency accounts at the central bank received USD 1,357.1 million, comprising USD 1,129.5 million from the European Union under the G7 Extraordinary Revenue Acceleration for Ukraine initiative and USD 227.6 million from the placement of foreign-currency domestic government debt securities. Foreign-currency public debt servicing and repayments totalled USD 310.1 million, and Ukraine additionally repaid USD 296.3 million to the International Monetary Fund, while revaluation effects increased reserves by USD 55.8 million. The central bank noted that international reserves and foreign-currency liquidity data are published monthly, with preliminary figures released by the 7th day after month-end and revised data by the 21st day after month-end.