Repatriated FX export proceeds 5% up in 2025 – Ukraine's National Bank

The volume of repatriated foreign currency export proceeds in 2025 increased by about 5%, following growth of nearly 20% a year earlier. This was facilitated by improved information exchange between the National Bank of Ukraine (NBU), the State Customs Service, and tax authorities, Deputy Governor of the NBU Volodymyr Lepushynsky said.

"The more foreign currency export proceeds flow into the country, the easier it becomes to move toward currency liberalization," he emphasized during the Export Credit Forum in Kyiv organized by the Export Credit Agency (ECA).

Lepushynsky stressed that the NBU continues to view currency liberalization as an unchanged priority and is ready to further ease restrictions as foreign currency inflows from exporters increase.

"Currency liberalization remains our unwavering priority. At the same time, currency restrictions remain a forced measure to ensure the stability of the foreign exchange market," he said.

The deputy governor recalled that in January the NBU implemented another package of easing measures, including the abolition of settlement deadline limits for contracts assigned to the ECA, as well as for the export of insurance services.

Lepushynsky also said that the NBU is working on developing foreign exchange risk hedging instruments. In particular, the use of forward transactions within the limits of currency sold by banks has been allowed, but the number of such operations remains limited: 39 deals totaling $10 million have been concluded so far.

Commenting on lending to exporters, the deputy head of the National Bank noted that exporters remain among the highest-quality borrowers for banks. According to him, since the first quarter of 2025, the business foreign currency loan portfolio has grown by about 20%, while the hryvnia-denominated portfolio has increased by more than 25%.

As for credit stimulation, Lepushynsky said that the NBU, together with the government, has identified the energy and defense sectors as areas where such stimulation is possible. He specified that as a result, lending to the defense industry has reached about UAH 5 billion, while in the energy sector it has enabled the expansion of generation capacity by 1.3 GW and electricity storage systems by 0.5 GW.

Lepushynsky also reported that the NBU is highly likely to introduce a reference euro exchange rate in 2026, given the growing role of the euro in Ukraine's foreign trade, particularly in imports.