For three months of a full-scale war, the National Bank has already “printed” 120 billion hryvnias

Every month, Ukraine needs 5 billion dollars for the functioning of the budget, and in three months, for this purpose, the National Bank has already “printed” 120 billion hryvnias, or 4.1 billion dollars.

Since the beginning of the full-scale war of the Russian Federation against Ukraine, the state budget has been financed primarily by military bonds and international assistance – in just two months, 13.8 billion dollars, or 404.2 billion hryvnias, have been received.

Thus, the National Bank financed the budget most of all – the regulator “printed” UAH 120 billion due to the repurchase of military bonds. Thus, in May, the NBU issued UAH 50 billion, exactly as much as in April. Another UAH 89.9 billion came from the sale of military government bonds to other investors.

Also, UAH 41.3 billion was received from the International Monetary Fund in the form of a loan.

From the USA, Britain, Italy, Sweden, Denmark, Norway, Austria, Latvia, Lithuania and Iceland, Ukraine received funds in the form of grants, that is, non-refundable assistance. Of the total amount of aid of $13.8 billion, Ukraine received $1.35 billion in the form of grants.

See also: The state has launched a “printing press”, but this does not affect prices yet. What will happen next?


Under martial law, since March 8, the regulator has been able to buy government securities in the primary market to counter Russian aggression.

Leading G7 economies and global financial institutions are providing $19.8 billion in aid to support Ukraine’s public finances.

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