Ukraine’s international reserves have reached a new all-time high.

By the end of January, Ukraine’s international reserves had grown to $57.7 billion, reaching a new all-time high.

The National Bank of Ukraine announced this.

Over the month, reserves increased by $357.8 million compared to December. The key driver of this growth was the inflow of external financing, which largely offset the National Bank’s net sale of foreign currency and payments on government debt denominated in foreign currency.

Specifically, in January, $3.124 billion was deposited into the government’s foreign currency accounts at the NBU from World Bank accounts. At the same time, $310.7 million was allocated to servicing and repaying the government’s foreign currency debt, of which $233.9 million was used to service and repay the OZGP, and $76.8 million was used to pay other creditors. Ukraine also paid $171.6 million to the International Monetary Fund.

Also, in January 2026, the National Bank’s net foreign exchange sales decreased by 20.7% compared to December 2025. According to balance sheet data, the NBU sold $3.7295 billion on the foreign exchange market.

The growth of reserves was also influenced by the revaluation of financial instruments due to changes in market value and exchange rates. As a result of this revaluation, their value increased by $1.4457 billion in January.

The National Bank noted that the current level of international reserves provides funding for six months of future imports.

As a reminder, in December, the board of the National Bank of Ukraine decided to maintain the key rate at the current level of 15.5%. At the time, the regulator explained that economic agents’ inflation expectations remained elevated despite the slowdown in price growth.

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