The National Bank of Ukraine kept international reserves almost unchanged at $51.20 billion in July despite selling $4.8 billion in foreign currency. The central bank reported that foreign reserves fell by only 0.1% during the month because international partner inflows almost completely offset currency market interventions.
Reserves remain near historic highs, giving the central bank a sufficient cushion to support the national currency, the hryvnia. The current reserve level covers 4.2 months of future imports, down from 5.2 months in the previous month after the central bank raised its import forecast in July.
Foreign currency sources and debt payments
Government funding from international allies provided significant currency additions in July. The Ukrainian government converted $3.43 billion received from the European Union under the Ukraine Support Loan program into hryvnia. While the EU funds are not counted directly in international reserves due to their targeted purpose, selling them to the central bank boosted reserves by the equivalent amount.
Government foreign currency accounts received an additional $1.64 billion from the International Monetary Fund, the World Bank, and domestic foreign currency bond issuances. Meanwhile, Ukraine paid about $690 million from its reserves toward public debt service and IMF obligations. A positive revaluation of financial instruments added $300.6 million to the total.
International reserve growth outlook
In its inflation report, the central bank stated that current reserve levels exceed the minimum required threshold under the IMF composite metric by nearly 11%. The report noted that in June 2026, international reserves had jumped 12% following record financial support from international partners.
The regulator projects that reserves will keep rising in the coming years. According to central bank forecasts, Ukraine's international reserves will surpass both the $60 billion mark and the $70 billion mark for the first time in 2027.
