Ukraine’s Foreign Reserves at $21 Billion

In 2014-2015, Ukraine's reserves were at $5 billion, Ukrainian President Petro Poroshenko said


Photo UATV/Ukrinform

Ukraine has $21 billion in its foreign exchange reserve.

A country’s foreign exchange reserve, which refers to any foreign money held by a central bank, is used for a number of purposes, one of the main one being as a kind of insurance should the country’s currency rapidly devalue or become insolvent.

“In 2014-2015, the level of foreign exchange reserves amounted to $5 billion, and payments amounted to $7 billion. The threat of Ukraine’s bankruptcy seemed inevitable. Today, the level of foreign exchange reserves is about $21 billion,” Ukrainian President Petro Poroshenko told the “Open Dialogue” forum in Kyiv on Saturday.

Along with its foreign exchange reserve, Ukraine’s treasury account now holds about UAH 18 billion ($0.66 billion).

“In February 2014, 108,000 UAH ($3,900) remained on the treasury account of the Ukrainian Government. As of Saturday, February 9, 2019, there was about UAH 18 billion ($0.66 billion) on the treasury account,” Poroshenko said.

Source UATV
date 11.02.2019
categories Economics
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