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 National Bank to increase its reserves to $18 billion in 2015, - NBU Head Hontareva

The National Bank of Ukraine plans to increase its gold and currency reserves to $18 billion dollars by the end of 2015.

As reported by Censor.NET, this was announced by the Head of the National Bank of Ukraine Valeriia Hontareva in an interview to Focus magazine. "Until the end of the year we plan to increase foreign currency reserves to $18 billion. This is certainly an ambitious plan, minimum objective for us is $15 billion, which covers three months of import," Hontareva said. She says that in late August 2014, hundreds of currency-generating enterprises in the Donbas halted.

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"We have not only lost 20% of GDP, but also 30% of foreign currency earnings. Moreover, we spend currency on imported coal formerly mined in the country. Therefore, we were not even physically able to keep the hryvnia rate under such a shocking scenario," the NBU head stated.

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She notes there are no prerequisites for destabilization of the situation at present. "During the last four months, current transactions account (export-import of goods and services) is not just balanced, it comes with a surplus. Before March, the balance was negative," Hontareva resumed.
 
 
 
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