Ukraine in 2015 increased its international reserves by 1.8 times


Moscow. December 29. The national Bank of Ukraine since the beginning of 2015 increased its international reserves by 77% to $13.3 billion, said the head of the NBU Valeria Gontareva at the final press conference in Kyiv on Tuesday.

As reported, the international reserves of the NBU in 2014 decreased by 2.7 times – up to $7,53 billion, hitting multi-year lows.

The head of the national Bank stressed that the main result 2015 was the achievement of financial stability. The regulator in the past year pursued a restrained monetary policy that has become a prerequisite for sustainable disinflationary trend. “We put an end to the dominance of fiscal policy over monetary,” said the head of the NBU.

According to Gontareva, the monetary base since the beginning of 2015 decreased 1.1% to 329 billion USD, while net domestic assets increased by 1.6% to 309 billion USD.

The head of the NBU expects inflation by the end of this year to 44%. The national Bank has defined inflation target for 2016 is 12%, in 2017 – 8% 2018 6% 2019 – 5%.

Gontareva noted that the ongoing monetary policy allowed during the year to reduce the discount rate from 30% to 22% per annum. However, a significant strain on international markets, the slowdown of the Chinese economy, falling commodity prices, the rapid devaluation in developing countries, the elections and the delay in the adoption of the budget for 2016 in the Ukraine that led to the delay allocation to Kiev the next tranche of funding from the IMF was not allowed to continue the rate reduction and repeal the existing foreign exchange restrictions.

The official rate for December 29 – 23,8 UAH/$1.