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 Ukrainian Politics, Incidents, Economics
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 National Bank replenished gold and foreign currency reserves by $2.5 billion from the IMF loan

The National Bank of Ukraine used $2.5 billion from the International Monetary Fund loan allocated under EFF program to replenish country’s foreign currency and gold reserves.

The National Bank of Ukraine Head Valeria Hontareva said in an interview to ICTV channel, Censor.NET reports citing Ukrainski Novyny.

"The IMF has transferred about $5 billion, and the National Bank of Ukraine has already received it. The money was put to reserve... $2.5 billion are currently on the National Bank's account and another $2.5 billion are on the account of the Ministry of Finance," the National Bank head said.

Read also: Ukraine to receive first IMF tranche of $5 billion today

According to Hontareva, the obtaining of the loan is a positive factor for the hryvnia dynamics.

"This is a very good sign ... The IMF program includes all other international donors' programs. This is a wake-up call for all the others that we have reached agreement, that we took the path of reforms," Hontareva said.

She reminded that the state's gold and foreign currency reserves will amount to at least $17 billion under the approved IMF program to the end of the year, while about $15.5 billion in reserves is enough for comfortable functioning of the currency market.

NBU intends to use $600 million, purchased on the interbank market in early March, to calm panic in the market and satisfy pent-up demand.

 
 
 
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