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Ukraine’s international reserves drop to $5.6 bln as of March 1 — National Bank of Ukraine

March 05, 2015, 19:34 UTC+3
Ukraine counts on the IMF to approve a new package of financial aid on March 11
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© EPA/YURI KOCHETKOV

KIEV, March 05. /TASS/. The international reserves of the National Bank of Ukraine (NBU) dropped in February 2015 by 12.4% to $5.6 billion, the regulator reported Thursday.

"According to preliminary data, as of March 1, 2015 international reserves in Ukraine totaled $5.625 billion," the report said.

The drop in reserves "was caused by making payments by Government and the National Bank of Ukraine with redemption and service of government and government-backed debts in foreign currency ($539.1 mln), including payments into the International Monetary Fund. Besides, the level of international reserves was influenced by National Bank interventions on the sale of foreign currency at $651.3 mln, $560,4 mln of which was sold for targeted interventions. Interventions on purchase of exchange totaled $144.7 mln," the report said.

The National Bank of Ukraine also said Ukraine has enough gold and currency reserves to meet its commitments in the short-run.

"Given that Ukraine counts upon a positive decision by the International Monetary Fund (IMF) board of directors regarding extension of a new package of financial aid already on March 11, as of today the international reserves of Ukraine will suffice to meet commitments and current operations of Government and the National Bank in the short-run," the report said.

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