Ukraine's forex reserves shrink to $5.6 bln, hitting new lows in 11 years

19:19, 05 March 2015
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The country's forex reserves have hit new lows in the past 11 years after a plunge in June 2003 to $6.218 billion.

Ukraine's forex reserves have fallen by 12.4% / ZN.UA

The forex reserves of the National Bank of Ukraine (NBU) in February 2015 fell by 12.4%, to $5.625 billion, according to the NBU's official Web site.

Thus, the country's forex reserves have hit new lows in the past 11 years after a plunge in June 2003 to $6.218 billion.

The reserves in foreign currency as of March 1, 2015, amounted to $4.698 billion, the country's reserve position in the International Monetary Fund (IMF) was $0.03 million, special drawing rights stood at $3.94 million, while gold was estimated at $922.47 million, the NBU said.

The central bank claims that the dynamics of the forex reserves in February were influenced by debt repayments and payments to service Ukraine's state and guaranteed debt in the amount of $539.1 million and by NBU forex sale interventions worth $651.3 million, including $560.4 million in targeted interventions. Forex currency purchases by the NBU totaled $144.7 million.

The government also received $298.3 million form the placement of bonds in February.

"Given the fact that Ukraine expects a positive decision by the International Monetary Fund's Executive Board on a new financial bailout package on March 11 this year, Ukraine has got enough international reserves today to fulfill its commitments and handle ongoing operations by the government and the National Bank of Ukraine in the short-term outlook," the NBU said.

As UNIAN reported earlier, the NBU's forex reserves in January 2015 shrank by 14.77%, to $6.420 billion.

In 2014, Ukraine saw a 63.1%, or $12.883 billion, decrease in its reserves.

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