There is no 'minimal safe level' of gold value reserves in Ukraine, as the financial system does not need it, NBU aide Valery Lytvytsky told a press conference, ForUm correspondent reports.

According to the economist, such reserves are not obligatory if there is debt-neutral budget and pay balance.

"It is just an example. In fact, growth or fall of currency reserve is an imputation. We have not lost anything just because we have not found anything. If the National bank sells currency, it means it releases hryvnia resources for refinancing and work with bonds. In 2012 we worked correctly and now we have sufficient level of gold value reserve," the financial expert said.

According to his data, last year Ukraine received $10-11 billion more than released. "Currency from reserves simply went to deposits of population. There is no outflow of currency out of the country. On the contrary, we have net inflow. Moreover, NBU has already resumed replacement of reserves," Lytvytsky said.

He also added that Ukraine has sufficient amount of currency to meet all obligations, including payments to international organizations. "There was no technical default in 2012, and there won't be any in 2013," the expert assured.


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