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Ukraine reports steady upward trend in foreign reserves

Xinhua, November 5, 2015 Adjust font size:

Ukraine's foreign exchange reserves grew for the sixth straight month in October to reach 12.962 billion U.S. dollars, the country's central bank said Thursday.

"Currently, the volume of Ukraine's international reserves is sufficient for the government and the central bank to meet their obligations and daily monetary operations," said a statement on the bank's website.

The reserves were up 1.5 percent or 188 million dollars as the central bank purchased 300.5 million dollars on the interbank currency market and obtained 216.3 million dollars as a loan from Germany, the statement said.

The inflows were partially offset by the bank's debt repayments to Ukraine's international lenders and market interventions to shore up local currency, it said.

Last year, the crisis-hit Ukraine lost two thirds of its foreign exchange reserves. As of Jan. 1, 2015, the figure stood at 7.533 billion dollars, the lowest level in more than a decade.

The central bank set a target to boost the reserves to at least 15 billion dollars by the end of this year. Endi