NBU to increase international reserves to $19.6 bln by late 2016

17:44, 10.03.2016 1 min read

The National Bank of Ukraine (NBU) intends by the end of 2016 to increase international reserves to $19.6 billion, NBU Head Valeriya Gontareva has said.

"We plan by the end of 2016 to reach $19.6 billion in international reserves. We did not reach the target of $17.5 billion in 2015 as we have not received an additional $5 billion from the IMF. We should restore relations with the international community... It is necessary to stop political opposition and continue reforms," Gontareva said during the 12th annual investment conference of Dragon Capital in Kyiv.

At the same time, she stressed that when it comes to international reserves in the amount of about $19.6 billion, most of them are international borrowings.

Gontareva also noted that an important task of the NBU is the correct distribution of net international reserves.

"We have a four-year program and it is necessary in three years to achieve a sustainable level of cash reserves," she said.

Gontareva noted at present international reserves stand at $13.5 billion.