Ukraine's gold and foreign-exchange reserves rose to a record $54.75 billion in November
In November, Ukraine’s international reserves rose by more than 10% — to $54.75 billion, setting a new record. The increase was driven by large international inflows, a decline in the NBU’s net foreign‑currency sales and support for imports.
By Tetiana Suchkova-Ladik
December 4, 2025 · 1 min read
Size and dynamics of reserves
In November Ukraine's international reserves grew by more than 10% and reached $54.75 billion — the highest level since the country gained independence. A month earlier reserves stood at $49.5 billion.
Inflows and forecasts
The acceleration of growth is attributed to substantial inflows from foreign partners, which exceeded the National Bank's net foreign currency sales and foreign currency debt payments.
In November, the government's foreign currency accounts received $8.15 billion, including almost $7 billion from the European Union through the G7 ERA initiative and the Ukraine Facility mechanism.
Over the month, the NBU's net currency sales decreased by 3.9% and amounted to $2.73 billion.
According to NBU estimates, the current level of reserves covers approximately 5.6 months of future imports, which is considered sufficient to support the stability of the foreign exchange market.
- By year-end, the NBU had forecast $53.6 billion in international reserves.
- Under the National Bank's baseline scenario, the country will receive more than $45 billion in international assistance in 2026; this depends on the EU's decision on a reparations loan, which is expected within the next two weeks.
