Ukraine's foreign reserves continue downward trend

# 07 December 2013 02:43 (UTC +04:00)

Baku-APA. Ukraine's foreign exchange reserves dropped in November for the seventh consecutive month to 18.791 billion U.S. dollars, the lowest level in eight years, official data showed Friday, APA reports quoting Xinhua.

The reserves for November fell by 8.9 percent over the previous month, said a statement from the country's National Bank.

A portion of the reserves was used to repay 1.533 billion dollars of Ukraine's debt to the International Monetary Fund (IMF) and other foreign lenders, the bank said.

The eastern European country, which requires around 17 billion dollars to pay off Russian gas bills and repay its foreign debts in 2014, may face a strong need to secure the new loan from the IMF, local experts say.

Ukraine's foreign exchange reserves fell 22.8 percent to 24.546 billion dollars in 2012.

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