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The National Bank of Ukraine (NBU) has released statistics on the currency market trends in December 2013, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
According to NBU, the foreign exchange reserves amounted to 20.4 billion USD at the beginning of 2014. They grew by 1.6 billion USD in December 2013, which is up 8.6% from November 2013.
According to currency market analysts, the foreign exchange reserves ensure timely clearance of external government obligations in 2014. They remind that Ukraine must repay the IMF loan in the amount of 2.42 billion SDR (3,7 billion dollars USD) in 2014
The current level of foreign exchange reserves is sufficient to ensure stability of the national currency. In case of any attempts to provoke panic on the currency market, the NBU will be able to stabilize the situation through interventions on the interbank foreign exchange market, analysts stress.
Thus, the NBU has spent 3.1 billion USD to support the exchange rate during 2013, which is down 4.4 billion USD from 2012. In fact, the NBU was forced to spend 2.6 billion USD of its foreign exchange reserves in the last four months of 2012. It did not go out to the market from July to August, and from June to July it bought on the market 0.5 billion USD.
According to government analysts, a surge in demand for foreign currency from the beginning of autumn, has been largely associated with deteriorating of the political situation in the country. Thus, in December 2013 alone, the NBU intervened on the interbank foreign exchange market in the amount of 942 million USD to ensure stability of the exchange rate.