Ukraine stops selling gold from its reserves

15:08, 27 January 2015
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With war raging in the east of the country and economic woes increasing, Ukraine has suspended sales of gold from its official reserves, according to data published on Tuesday by the International Monetary Fund, Ukrainian newspaper Zerkalo Nedeli has reported.


Kyiv sold about 16 tonnes of gold in October and November, and had gold reserves in December of 23.64 tonnes, according to official figures.

In November, Wirtschafts Woche publication, referring to IMF data, reported that Ukraine had sold more than a third of its foreign exchange reserves in October. At the end of October, Ukraine had 26 tonnes of gold, which was 14 tonnes less than in September.

The National Bank of Ukraine said the sale of a third of the country’s gold reserves was connected with the "optimization of the structure of international reserves," of Ukraine.

As reported earlier, in December the foreign exchange reserves of the NBU hit a 10-year low, having shrunk to a critical level of below $10 billion.

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