Ukraine’s reserves: enter the danger zone | beyondbrics

Ukraine’s reserves: enter the danger zone | beyondbrics:

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Crunch time is fast approaching for Kiev. Central bank reserves have plunged deeper amid an already grim economic picture. And it could all get much worse if a trade row brewing with Russia escalates.

According to government figures released on Friday, Ukraine’s central bank reserves plunged by a whopping 4.7 per cent in August, putting fresh pressure on officials to patch up stretched state finances by securing a multi-billion dollar bailout from the International Monetary Fund.

FX reserves at the National Bank of Ukraine fell by $1.1bn to $21.7bn, bringing the year-to-date decline in central bank stockpiles to nearly 12 per cent and dangerously below 3 months of imports.

Source: Dragon Capital

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