The National Bank of Ukraine announced on Friday that its gold & foreign currency reserves were down 1.4% mom (USD 534 mln) to USD 37.5 bln in September, though are up 15.6% since the beginning of the year. Andrii Parkhomenko: The change in reserves is most likely linked to the 4.5% slip in the EUR/USD exchange rate over September. On September 15, Petro Poroshenko, the chairman of the NBU’s Supervisory Board, said that NBU reserves shrank USD 700 mln solely due to EUR/USD exchange rate changes. This implies that the central bank’s Euro holdings are twice larger than its USD reserves.