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UkrSibBank believes Ukraine's Forex reserves may deplete to USD 11bn by 2015.

February 13, 2014

Ukraine's gold and foreign currency reserves may deplete from current USD 17.8bn to USD 11bn by 2015, UkrSibBank writes in its analytical report. Ukraine will unlikely receive western injections in the short-term as it is required to carry out macroeconomic reforms. At the same time, the Russian loan is also doubtful since Ukraine has failed to settle the gas debt and a new government has not been formed so far, the analysts stressed.

According to UkrSibBank, the administrative restrictions on the currency market the National Bank of Ukraine (NBU) imposed last week could be good for reserves and could minimize regulator's interference.

In January, the international reserves of the National Bank of Ukraine decreased by 12.78% to USD 17,805.18mn as of January 31, the National Bank has reported. As of Jan 31 foreign-currency reserves amounted to USD 16,069.51mn, IMF reserve position to USD 0.03mn, Special Drawing Rights to USD 31.23mn, and gold to USD 1,704.41mn.

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Source: IntelliNews - Weekly Reports

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