: :inin Kyiv (EET)

National Bank of Ukraine: Ukraine`s forex reserves will shrink without IMF loans

Governor of the National Bank of Ukraine (NBU) Valeriya Gontareva says that giving up support of the International Monetary Fund (IMF) and other international donors will translate into a reduction in Ukraine`s forex and gold reserves, which threatens the country`s financial stability, according to a posting on the NBU`s website.

”It`s extremely important to continue cooperation with the International Monetary Fund and receive funds under the program. The forex and gold reserves will start shrinking as early as the coming year without the support of the IMF and other international donors, as Ukraine is facing about US$1.6 billion in repayments of foreign debt along with the return of over $1 billion to the IMF under the stand-by program,” she said at a regular meeting with heads of the country`s 40 largest banks.

Under such conditions, it will be impossible to guarantee Ukraine`s financial stability, she added.

As UNIAN reported earlier, the current level of the country`s international reserves as of the end of November 2016 was $15.2 billion, which was $0.3 billion, or 1.9% down on the beginning of November 2016.

In 2015, Ukraine saw a 77% increase in its forex reserves, which expanded by $5.767 billion, to $13.3 billion as of January 1, 2016.


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