Ukraine’s international reserves reached a new milestone in April, climbing to 35.9 billion dollars and marking the highest level seen in over a decade. This update comes from the National Bank of Ukraine (NBU), which monitors and reports on the country’s foreign exchange holdings and overall reserve position. The monthly snapshot, as of May 1, 2023, shows reserves at 35,943.2 million dollars according to preliminary data, underscoring the sustained strength of Ukraine’s financial buffers amid ongoing economic and security challenges. The record figure highlights a period when Ukraine’s authorities benefited from a steady stream of international support and financial assistance that bolstered the nation’s external position (NBU press release).
Looking at the composition of the April reserve gains, the NBU notes a 13% month‑over‑month increase driven largely by international aid. In April, a total of 5.85 billion dollars was added to the government’s foreign exchange accounts at the central bank. This inflow was a mix of 2.7 billion dollars from the International Monetary Fund, 1.65 billion dollars from the European Union through macro-financial assistance, and 1.25 billion dollars from the issuance of foreign currency government securities. The combination of multilateral support and new debt instruments helped reinforce the country’s liquidity and its ability to meet short‑term external obligations (NBU data).
In a related development from earlier in the year, Oleksiy Pyshny, head of the National Bank, emphasized that the authorities do not intend to pursue a policy option that would finance military operations through the direct issuance of new hryvnia. The statement reflects caution about creating excessive money supply, which could risk inflationary pressure or undermine macroeconomic stability. By ruling out this path, Ukraine signaled prioritization of fiscal discipline and currency stability as essential tools for sustaining investor confidence and maintaining the value of reserves during a period of heightened geopolitical tension (NBU remarks). As a result, policy makers have continued to rely on conventional instruments and international support rather than currency monetization to fund defense needs.
Meanwhile, the broader banking sector in Ukraine showed resilience in the opening months of the year. Reports indicate that net profits across Ukrainian banks for January and February increased markedly compared with the same period in the previous year. The aggregate net income reached approximately 21.5 billion hryvnias, equivalent to around 582 million dollars, reflecting a combination of improved lending performance, recoveries, and prudent risk management. These earnings contribute to the domestic financial system’s stability, reinforcing the banks’ role in channeling funds to various sectors of the economy while sources of external financing continue to support the country’s external position (central bank and financial sector analyses). Overall, the combination of solid reserve accumulation, prudent macroeconomic policy, and robust banking sector results helps Ukraine navigate a challenging external environment and maintain access to international liquidity as it pursues ongoing economic reform and recovery efforts (NBU and financial sector summaries).