Ukraine's international reserves drop by $1.5 billion

The statement came from the Chairman of Ukraine’s National Bank (NBU), Kirill Shevchenko, according to RBC-Ukraine.

Shevchenko said thanks to international assistance, the NBU would be able to maintain reserves at the proper level.

“As of early May 2022, the country’s reserves, according to operational data, amount to $26.6 billion. With sufficient international financial assistance, we will be able to maintain reserves at the proper level and even increase them,” Shevchenko said.

Shevchenko recalled that the NBU fixed the dollar exchange rate at the level of 29.25 hryvnias during martial law, adding that, though, fixing the rate is a temporary solution.

“We remain committed to market approaches and the course towards currency liberalisation. As the volume of currency supply on the market grows, thanks to the gradual resumption of exports of goods, we will return to a floating exchange rate policy, in which the exchange rate is determined by the market. The central bank smooths out excessive exchange rate fluctuations,” the NBU chairman concluded.