Ukraine's gold and foreign currency reserves make up USD 15.5bn as of early March.

By bne IntelliNews March 7, 2014

The volume of gold and foreign currency reserves of Ukraine made up USD 15.5bn as of the beginning of March, the National Bank of Ukraine (NBU) has announced. According to the National Bank, in February repayment and servicing of the debt to the IMF to the amount of USD 376mn was carried out, as well as other payments on government obligations worth USD 423mn.

During the month, the central bank carried out both the purchase and sale of the foreign currency on the interbank currency market of Ukraine. Total balance of its currency interventions in February was negative and made up USD 1.7mn. A considerable part of the foreign currency sale by the National Bank was sent to support of Naftogaz payments for imported natural gas.

According to the NBU, a gradual transfer to the flexible rate formation and continuation of negotiations on financial support from the IMF and other creditors reduces the pressure on the gold and foreign currency reserves, and in the perspective - will promote their growth. We believe that the international reserves in 2014 will mainly depend on the volume of financial aid received, and devaluation fears among population.

The volume of Ukraine's international reserves as of the end of January 2014 made up about USD 17.8bn, and at the beginning of this year, gold and foreign currency reserves reached USD 20.4bn.

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