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Ukraine loses two-thirds of foreign reserves in 2014

Xinhua, January 12, 2015 Adjust font size:

Ukraine's foreign exchange reserves shrank by two-thirds in 2014, down from 20.416 billion U.S. dollars in January to 7.533 billion dollars in December, the lowest level since February 2004, the country's central bank said Monday.

In December alone, Ukraine' s foreign reserves fell 2.433 billion dollars, or 24.4 percent on a monthly basis, the bank said.

The reserves were shrinking steadily for the past nine months due to high expenditures on gas imports and due to conflict in eastern regions that has slowed the economy and weakened the local currency.

According to some estimate, Ukraine, with a population of 45 million, needs 20 billion dollars in foreign reserves to cover three months of imports, which is considered as internationally accepted standard to keep its economy stable.

Ukraine's foreign exchange reserves fell 16.8 percent in 2013. Endi