Gold & FX Reserves Down 0.4% In December.
10 January 2008
The National Bank’s (NBU) gold and foreign currency reserves fell by 0.39% in December and totaled USD 19.4 bln as of December 31. The fall in the reserves in December is related to payments on external state liabilities. Concorde Capital: Despite the drop in December, since the start of 2005, the NBU?s FX reserves expanded by 103.6% mainly due to the USD 4.8 bln in revenues the government received from the sale of Krivorizhstal (KSTL: BUY). These reserves give the NBU enough flexibility, in particular, to keep the foreign currency exchange rate stable.
