Ukraine unable to reach foreign reserves target in 2016: central bank chief

Ukraine would not be able to reach its targeted level of foreign exchange reserves of 17.5 billion U.S. dollars at the end of the current year due to the postponement of the international aid, local media reported Monday, citing Ukraine's central bank governor Valeria Gontareva.

"It will not be possible to reach the initially planned level of reserves. Now, the situation is not critical, but next year it could become a threat to the financial stability," Gontareva was quoted as saying by Interfax-Ukraine news agency.

Currently, Ukraine's foreign exchange reserves stand at 15.2 billion dollars, about 300 million dollars less than at the end of October, Gontareva said.

Earlier this month, Gontareva said that the International Monetary Fund (IMF) will likely to postpone its fourth tranche from the 17.5-billion-dollar bailout program for Ukraine over Kiev's failure to timely adopt the agreed economic reforms.

Last year, Ukraine's foreign exchange reserves increased by 77 percent to 13.3 billion dollars as the country received 6.7 billion dollars in two tranches from the IMF.

In September this year, Ukraine has received the third disbursement of the financial support worth 1 billion dollars.

The East European country had expected to get the fourth tranche by the end of 2016. Endit