"With its economy crawling out of recession, Ukraine’s budget revenues and central bank reserves are sliding as talks with the International Monetary Fund on a multi-billion-dollar bailout drag on. It’s a bubbling volatile mix which could boil over, plunging the country into a full-blown balance of payment crisis.
As London-based Capital Economics pointed out in a note:
The slump in Ukrainian FX reserves to a six-year low serves as a reminder that Ukraine’s fragile external position continues to keep it one step away from a full-blown balance of payments crisis."
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