Ukraine to miss forex reserves target after IMF loan delays
Rizvi: Ukraine will probably miss its target to boost foreign currency reserves to $21.6 billion by the end of 2018 because of delays in securing new aid from the International Monetary Fund, a Reuters monthly poll of analysts showed on Wednesday.
The reserves may grow only to $20 billion from the current $18.1 billion, provided the central bank continues to buy currency on the local market where exporters have to sell half of their revenue, the poll said.
The poll comprises the median forecast of analysts at 14 Ukrainian banks and brokerages.
The central bank is looking to gradually increase its reserves while keeping a flexible rate policy, which it agreed to do as part of the IMF’s $17.5 billion bailout program. Source: Reuters.