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Litvitsky: Ukraine’s need for gold and foreign exchange reserves declining

Posted by the Editor on January 3, 2014


News / 3 January 2014 | 13:00

Litvitsky: Ukraine's need for gold and foreign exchange reserves declining

Litvitsky: Ukraine’s need for gold and foreign exchange reserves declining

Ukraine’s need for foreign exchange reserves gradually decreases, so today their amount (just over $ 20 billion) is sufficient to support the stability of the national currency and the national economy as a whole. This was stated by head of the group of advisers to NBU governor Valery Litvitsky.
“The need for reserves to equalize rate is being reduced. In 2012, we spent more than $ 6 billion on foreign exchange intervention. In 2013, expenses halved – $ 3.1 billion,” the expert said.
According to him, many politicians often speculate on subject of gold and foreign exchange reserves. In particular, some say that the reserves halved for the last two years.
“1 January 2012, foreign exchange reserves stood at 31 billion dollars, now they account for more than $ 20 billion. For 2012, reserves declined from 31 billion to 24 billion, and over the past year – from 24 billion to almost 21 billion. 10 billion for two years constitute 30%,” Litvitsky said.

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