Despite the shock of war, Ukraine’s foreign reserves are durable, according to central bank director

Despite the shock of war, Ukraine's foreign reserves are durable, according to central bank director

Russia’s invasion on Ukraine, now in its third month, has displaced millions, sent food and oil prices soaring, shut many businesses and slashed exports. Inflation in annual terms may increase to 15.9% at the end of April, compared to 13.7% a month earlier, Shevchenko said. By the end of the year it may exceed 20%.

Central bank governor Kyrylo Shevchenko said late Monday that foreign financial aid will preserve the stability of Ukraine’s central bank reserves as the country cope with the economic shock of the Russian invasion. International reserves at the central bank decreased to $26.8 billion in early May, down from $28.1 billion a month earlier. “Despite the… government’s fulfilment of all its foreign debt commitments, we have an appropriate stock of international reserves,” Shevchenko wrote on the NV Business media page. “With sufficient international financial help, we will be able to preserve, if not enhance, our reserves at the appropriate level.”

“In times of war, it is impossible to avoid rising prices,” Shevchenko wrote, adding, that the central bank will keep its fixed exchange rate as one of the measures to control consumer price inflation. To manage through the war, the country will need more international financial support, he added. So far, Ukraine has received more than $4.3 billion in international aid.

Gross domestic product is expected to shrink by at least a third, he said. “The economy will recover, but the losses from the war will be significant,” Shevchenko wrote.

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