Ukraine’s international reserves fell 5% in August to $48.7 billion, according to the National Bank of Ukraine (NBU). The decline was driven by a drop in foreign aid, while the central bank maintained its currency interventions at roughly July levels.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. The current level of international reserves is sufficient to maintain stability in the foreign exchange market, covering 4.0 months of future imports, the NBU said. Several factors drove the decline in international reserves in August, including inflows to the government’s accounts, central bank interventions in the foreign exchange market, and the revaluation of financial instruments. This level of reserves covered 4.2 months of future imports and was almost 11% higher than the minimum required level according to the IMF composite criterion. Central bank interventions remain high According to the NBU’s balance data, the central bank sold $4.85 billion and bought $0.5 million on the foreign exchange market in August, resulting in net currency sales of $4.85 billion These heavy interventions are necessary to cover the market’s dollar deficit amid high inflows of foreign aid and maintain the stability of the hryvnia. Previously, the International Monetary Fund (IMF) praised Kyiv for allowing greater exchange rate flexibility and preserving its financial buffers, ex-IMF European Director Alfred Kammer told Kyiv Post in an interview on the sidelines of the IMF and World Bank Spring Meetings in Washington DC in 2026.