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Ukraine foreign reserves drop to $15 billion-central bank chief

Source: Reuters - Wed, 26 Feb 2014 15:22 GMT
Author: Reuters
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KIEV, Feb 26 (Reuters) - Ukraine's foreign currency reserves have dropped to $15 billion from $17.8 billion on Feb. 1, central bank chief Stepan Kubiv said on Wednesday.

He attributed the fall to intervention moves to prop up the weakening national currency, the hryvnia. "Latterly, the central bank has supported the exchange rate by drawing on foreign currency reserves which have fallen to $15 billion," Kubiv told journalists.

Earlier, Kubiv said the central bank did not plan to intervene on the foreign currency market in the near future. The hryvnia hit a record low of 10.00 per dollar UAH= earlier, bringing its losses this year to 19 percent.

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