Since the beginning of the war, the gold and foreign exchange reserve has decreased by €3 billion in Ukraine

Author:
Anhelina Sheremet
Date:

Ukraineʼs gold and currency reserves have shrunk by €3 billion since the start of the full-scale war. The Deputy Chairman of the Council of the National Bank Vasyl Furman reported on this during a briefing on October 4.

Thus, according to him, in the first days of the war, the NBU switched to a fixed exchange rate policy. Rate fixing, however, comes at a price. From the beginning of the war until September, the net sale of currency from reserves amounted to $14 billion and one billion euros.

"At the same time, the reserves of the NBU decreased by only 3 billion euros. The reasons for the pressure on the gold and foreign exchange market that we are observing are a psychological factor, a logistical factor, because there was not a sufficient amount of cash currency," Vasyl Furman explained.