Ukraine’s domestic government bond market could provide hundreds of billions of hryvnias in financing, though it will not be sufficient to fully cover the country’s budgetary needs, reported Ukraine Business News.

Serhiy Nikolaychuk, deputy chairman of the National Bank of Ukraine (NBU), said the domestic debt market retains “significant potential” to help fill fiscal gaps, but Kyiv would remain dependent on international partners to meet its broader financing requirements.

“The domestic market can attract several hundred billion hryvnias through government loan bonds,” Nikolaychuk said, noting that external support remains vital amid the strains of war.

In July, parliament increased net budget financing via government bonds from UAH17bn ($411mn) to UAH250bn ($6bn). In August, the finance ministry raised UAH43.6bn through bond placements, including UAH27.3bn in hryvnia-denominated securities with an average annual yield of 15.76% and $395mn in foreign currency bonds with a 4.14% yield.

As of September 1, more than UAH1.87 trillion in government bonds remain outstanding. Since the beginning of 2025, the ministry has issued around UAH355.9bn in bonds, and since Russia’s full-scale invasion in 2022, issuance has surpassed UAH1.8 trillion in equivalent.

The figures highlight both the resilience of Ukraine’s domestic bond market and its limits. With wartime spending needs far outstripping local capacity, Kyiv continues to seek long-term budgetary support from Western partners to maintain macroeconomic stability and fund essential state services.