Ukraine's reserves decreased amid payments and NBU interventions

Ukraine's international reserves decreased by 3.2% at the end of September 2026 and amounted to $47.1 billion as of October 1. Over the month, their volume decreased by approximately $1.6 billion.

The National Bank of Ukraine reported this.

The NBU explained the decrease in reserves by significant foreign exchange interventions by the regulator and Ukraine's external debt payments. These expenditures exceeded inflows from international partners and funds received from currency conversion under the Ukraine Support Loan program.

During September, the National Bank sold $5.45 billion on the foreign exchange market. Interventions were conducted to cover the structural deficit of foreign currency and maintain the stability of the foreign exchange market.

At the same time, $890.4 million was credited to the government's foreign currency accounts at the NBU through World Bank accounts.

In addition, Ukraine received $3.81 billion from the European Union as part of a defense tranche under the Ukraine Support Loan program. Upon direct receipt, these funds are not included in international reserves due to their intended purpose. However, in September the government converted the entire amount to hryvnia through the NBU, which accordingly increased reserves.

The National Bank explained that the use of these funds in hryvnia further creates additional demand on the foreign exchange market and, accordingly, affects the volume of foreign exchange interventions. Therefore, such operations actually redistribute resources within the system.

Ukraine directed $195.7 million to servicing and repaying public debt in foreign currency in September. Of this amount, $72.3 million went to obligations to the World Bank, $8.3 million to servicing foreign currency government bonds (OVHZ), and another $115.1 million to payments to other creditors.

Separately, Ukraine transferred $254.3 million to the International Monetary Fund.

Another $368.3 million decrease in international reserves was due to revaluation of financial instruments, changes in exchange rates, and other factors.

Despite the monthly decrease, the NBU considers the current volume of reserves sufficient to maintain the stability of the foreign exchange market. $47.1 billion allows financing about four months of future imports.

For comparison, at the end of August, Ukraine's international reserves amounted to about $48.7 billion. Thus, the decrease continues for the second month in a row after a significant increase in reserves in July.