Ukraine's international reserves soared to a new all-time high of $43.78bn as of 1 January 2025, marking a 9.7% increase in December alone, according to data released by the National Bank of Ukraine (NBU). (chart)

The new record surpasses the previous peak recorded in April 2024 by $21bn, underscoring the critical role of international aid in bolstering the nation’s economic resilience amidst ongoing challenges.

December’s sharp growth in reserves was attributed to significant financial inflows from international partners, which surged in anticipation of an end to aid for Ukraine once President-elect Donald Trump takes office in January.

Ukraine received $4.41bn from the European Union, $3.93bn from the World Bank (backed by the United States, Japan and the United Kingdom), $1.09bn from the International Monetary Fund (IMF) and $25.9mn from other creditors. In contrast, debt repayments for the month totalled a modest $385mn, including those made to the IMF.

"The current level of reserves ensures the financing of 5.5 months of future imports," the NBU stated as cited by UBN, well ahead of the three months minimum economists say is needed to keep the currency stable.

Over the course of 2024, Ukraine's reserves grew by 8%, reflecting the cumulative impact of $42bn in international assistance received during the year. For 2025, the government projects further international support of approximately $38bn, a sum deemed vital to underpin economic stability in a nation grappling with the financial and infrastructural repercussions of war.

Ukraine’s ability to secure and effectively deploy international financial assistance has positioned it as a resilient player in the global economic landscape, with the country leveraging record reserve levels to mitigate the ongoing impacts of conflict and support long-term recovery efforts.