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Naftogaz bailout results in reduction in Ukraine's international reserves by 23.2% in October

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Naftogaz bailout results in reduction in Ukraine's international reserves by 23.2% in October

Ukraine's international reserves shrank by 23.2% in October 2014, to $12.587 billion, the National Bank of Ukraine reported on its website with reference to rough estimates.

"Their dynamics in October were predetermined by the need to support NJSC Naftogaz Ukrainy (almost $2 billion) in part of the fulfillment by the company of government-backed liabilities on debt securities and payment for natural gas shipments by European suppliers," the report reads.

From January to October 2014, Ukraine's international reserves shrank by 38.4% from $20.416 billion.

The NBU also reported that it had boosted foreign currency sales in order to balance the forex market in October: $985 million was sold during the interventions at a fixed forex rate, while $200 million was sold at a foreign currency auction.

The NBU also reported that transfers in October to repay and service state and guaranteed debt in the foreign currency were timely and totaled $641 million, including almost $233 million transferred to the International Monetary Fund.

At the same time, revenues from the placement of government domestic loan bonds in foreign currency totaled a mere EUR 40 million.

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