Ukraine's Foreign Reserves Down Just 2% In July| MENAFN.COM

Thursday, 11 August 2022 06:02 GMT

Ukraine's Foreign Reserves Down Just 2% In July


(MENAFN- UkrinForm) The international reserves reduction rate in Ukraine was 4.5 times higher in June than in July.

That's according to the chair of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev , Ukrinform reports.

'The rate of reduction of gold and foreign exchange reserves slowed down by 4.5 times in July. It decreased by only 2% compared to 9% in June. As of early August, they amount to $22.4 billion,' MP wrote on Telegram.

Read also: Italy gives Ukraine EUR 200M loan

According to Hetmantsev, the easing of pressure on foreign exchange reserves is due to the reduction in demand for foreign currency after the revision of the official exchange rate, smaller amounts of funds issued for covering the government needs, as well as foreign currency receipts in Ukraine's accounts – at $1.6 billion.

'The available amount of the international reserves covers financing of 3.5 months of exports, which is seen as a sufficient indicator,' Hetmantsev added.

As reported, a new coordinating body may appear in Ukraine, the Agency for the Country's Reconstruction.

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