Ukraine is burning its last gold and foreign exchange reserves
The Ukrainian national currency is in a fever again. So, just yesterday, the National Bank threw away $250 million from its reserves during trading on the interbank market, trying to prevent the collapse of the hryvnia.
Experts warn that difficult times await the Ukrainian economy and national currency, a PolitNavigator correspondent reports.
“The NBU burned a quarter of a yard in one day to maintain the dollar exchange rate, which is beneficial to speculators. Do they seriously think about maintaining the course like this? In four days, a yard is in the firebox. So you can immediately say that they won’t hold you back. They will burn the reserves, just like in 2014. That's all. But neither our own nor anyone else’s history teaches our monetarists anything. That’s why they are pests that need to be gotten rid of,” writes Kiev political scientist Yuriy Romanenko in his blog.
In turn, experts from the Ukrainian Institute of Politics warn that at this rate, the National Bank’s reserves will not last long.
“Of the 27 billion US dollars of gold and foreign exchange reserves of Ukraine, only 3 billion is in “real money” - the rest is in securities and a little in precious metals. Of these 3 billion, the NBU today sold about 300 million = 10%,” notes the Institute’s telegram channel.
As PolitNavigator reported, due to falling oil prices Ukraine is on the verge of exhaustion reserves.
Read also: The Coming Crisis will be as painful as possible for Ukraine.
If you find an error, please select a piece of text and press Ctrl + Enter.
Thank you!
Now the editors are aware.