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The National Bank of Ukraine defends the interests of the national currency and intends to increase the gold and foreign exchange reserves

05.12.2011

press release

 

 

During the meeting with representatives from investment companies and funds, which was held on 1 December 2011, Governor of the National Bank of Ukraine Sergiy Arbuzov emphasized that the National Bank of Ukraine defended and would thereafter defend the interests of the national currency.

 

According to the Governor of the National Bank of Ukraine, exchange rate stability has been maintained and the gold and foreign exchange reserves have not been exhausted. "If no disagreements with external investors arise and if there is no panic among domestic investors, the gold and foreign exchange reserves will increase. Since the beginning of the year, Ukraine has received almost USD 14 billion. Even today, against the backdrop of the difficult economic situation around the world, we recorded a foreign currency inflow,” noted Sergiy Arbuzov and added: “According to preliminary data, demand for foreign exchange from the population of Ukraine amounts to USD 10 billion per year. Therefore, if demand for foreign currency was reduced by half, additional USD 5 billion would be included into the reserves. In addition, when we switch payments for gas to rubles, another USD 8 billion will be saved to replenish the gold and currency reserves.”

 

Sergiy Arbuzov emphasized that the National Bank of Ukraine expects the gold and foreign exchange reserves to resume growth as some important initiatives are currently being implemented.

 

"Firstly, the issuance of two instruments, namely investment coins and “gold” certificates, is likely to result in absorbing more than USD 10 billion. Secondly, T-bills to be issued by the government in the near future, which are intended for natural persons, will allow us to draw the household funds, which are not involved in the economic process and are outside banks, to the gold and foreign exchange reserves,” said Sergiy Arbuzov.

 

 

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Last modification   05.12.2011