The central bank intervenes regularly to prop up the currency and narrow the gap between the official and cash-based exchange rates. For many people in Ukraine, the dollar-hryvnia exchange rate is a closely watched indicator of the overall health of the economy and purchasing power. The reserves stood at $29.92 billion at the start of February. (Reporting by Olena Harmash, Editing by Timothy Heritage)
(Adds details)
KYIV, March 7 (Reuters) - Ukraine's central bank said on
Tuesday its foreign exchange reserves had dropped to $28.86
billion as of March 1 because of interventions to prop up the
hryvnia currency.
The bank said in a statement that the reserves had slipped
by 3.5% in February. The central bank sold $2.48 billion on the
foreign exchange market last month.
Ukraine's hryvnia currency has been pegged at 36.57 to the
dollar since July 2022 when the central bank was forced to
devalue the currency to relieve pressure on its forex reserves
and help the economy battered by Russia's full-scale invasion.
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