Ukraine’s intl reserves dip slightly to $51.2 bln in July

Ukraine’s international reserves decreased by $70.4 million, or 0.1%, in July, according to preliminary data, to $51.2 billion, the National Bank of Ukraine (NBU) reported on Friday.

“These dynamics were driven by the NBU’s FX interventions and Ukraine’s FX debt repayments,” the regulator said on its website.

According to the published data, net international reserves declined by $668.9 million, or 1.8%, in July compared with June, to $36.3 billion.

The share of U.S. dollar-denominated assets in the international reserves as of August 1, 2026, decreased to 64.7% from 66.5% a month earlier, while the share of euro-denominated assets increased to 27.0% from 25.6%. A year earlier, these indicators stood at 73.5% and 17.5%, respectively.

The share of gold in the international reserves stood at 7.0% at the beginning of August, compared with 6.9% a month earlier and 6.8% a year earlier.

The NBU said that $1.6 billion was credited to the government’s foreign currency accounts with the central bank in July, including $683.3 million from the International Monetary Fund (IMF), $498.7 million through World Bank accounts, and $458.6 million from the placement of foreign currency-denominated government domestic loan bonds.

In addition, Ukraine received $5.1 billion from the European Union (EU) under the defense tranche of the Ukraine Support Loan. However, due to the targeted nature of the financing, these funds are not credited directly to the country’s international reserves. In July, the government converted $3.4 billion of these funds into hryvnias, which contributed accordingly to the increase in international reserves.

At the same time, the Ukrainian government paid $515.4 million to service and repay foreign currency-denominated public debt, including $433.3 million for servicing and redeeming foreign currency government domestic loan bonds, $58.7 million for servicing and repaying debt owed to the World Bank, $6.9 million for servicing debt owed to the EU, and $16.5 million to other creditors.

In addition, Ukraine paid $174.2 million to the IMF.

The revaluation of financial instruments increased the value of the reserves by $300.6 million in July.

The National Bank’s foreign exchange interventions totaled nearly $4.79 billion, which was $296.0 million less than in June.

“The current level of international reserves is sufficient to finance 4.2 months of future imports,” the National Bank added.

As reported, in its July macroeconomic forecast, the regulator raised its projection for Ukraine’s international reserves at the end of 2026 to $69.7 billion from $64.8 billion, for 2027 to $73.7 billion from $66.5 billion, and for 2028 to $70.0 billion from $61.1 billion.