The gold reserves of Ukraine. Ukraine's foreign exchange reserves

The Gold reserves of Ukraine reached its peak in 2010. At that time he was about 34 billion $ 570 million. 1 Jul 2013 the reserve of the country declined by 23 billion 148 million dollars. Thus, in just three years it was recorded a reduction in the Ukrainian capital almost a third. The trend towards reduction in gold reserves, and gold in particular, continues today.

A Bit of history, or the dynamics of the reduction of the reserve of Ukraine

The Gold reserve of Ukraine since the founding of the state has always shown a positive growth. In the period from 1999 to 2013, was first recorded contraction. The situation associated with the global crisis, which overpowered the whole world in 2008. Despite the fact that in 2010 the country's reserve reached its peak, in 2012, it was noted weight loss the public purse by 22.8% compared to the previous year of 2011. If we consider the index in absolute value, we can say that it meets 7 billion 48 million 590 thousand dollars. Experts attribute the reduction in the provision due to the government's attempts to maintain the exchange rate of the national currency on the eve of parliamentary elections of 2012. In may-June 2013 took place the next reduction of reserves at 2 billion 5 million dollars. Was fixed amount of capital at the level of six years ago. Reduction of reserve in this period again coincided with the government's attempts to stabilize the exchange rate of the national currency. The situation was exacerbated by the need to repay foreign debt. During this period there was a significant reduction in the inflow of funds to Ukraine.

Public sale: first wave

The Answer to the question of where the gold reserves of Ukraine, lies in the massive sale of the yellow metal in 2014. Last active deliverance of the government from the asset have occurred in 2004. At the time it was sold 4 tons of metal in the amount of $ 50 million. After that, within 10 years, the reserves of the country remained intact and was credited with only 20 tons of gold. The first manipulation of the assets was launched in may 2014. Just over a month the national Bank of Ukraine has sold about 2.8 tons, or 90 thousand Troy ounces of the metal to a total amount of 113 million dollars. The stock had fallen by up to 40 T. Note, that the time for the implementation of the precious metal was chosen the extremely unsuccessful.

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The Gold reserves of Ukraine

In September, 2015 as mentioned above, the amount of gold reserves of Ukraine amounted to about 40 tons of the precious metal. In October 2014, the government re-took the decision to sell their savings. As a result of the manipulation of the reserve was reduced to 14 tons of the precious metal. The head of the National Bank of Ukraine has declared that the decision was not a result of the difficult economic situation. A prerequisite to the “Golden sale” was the need to reduce its specific volume is up to 7% to balance the gold reserves. Experts estimate this step as a desperate, because «airbag» the country was almost completely sold out, and not at the most favorable prices. Make a retreat in the statistics. In 2011, the price of the yellow metal was of the order of $ 1850 per ounce. At a time when the gold reserves of Ukraine went under the hammer, the asset price ranged of $ 1,200. At a time when Ukraine has balanced its reserves through asset sales, most of the countries also carried out the restructuring of the reserves, but only at the expense of accumulation. Experts do not cease to say that by the end of the year Ukraine may lose all of gold, as in less than a year she was able to almost completely sell his reserve.

Which leads to a rapid reduction of gold reserves?

Foreign exchange reserves continued to decline rapidly. This is because tranches from the IMF was delayed, the need to pay external debts and gas during the winter period. In the critical situation the country puts the fact that of the 1.6 billion dollars that are included in the gold reserves today, just 2.6 billion – foreign currency on accounts with deposits, inclusive. The latter, as a rule, will be in the Bank for more than a year. For the most part, the gold reserves of Ukraine is formed securities with a total value of 9 billion. Residual one billion – the price of 26 tons of gold. To sell securities at the most favorable prices might not be as easy as the structure of the investment portfolio is hidden from the public. Alarming huge number of rumors that the securities currently are not classified as liquid assets, therefore, they cannot be sold on the market.

What threatens Ukraine in 2015?

Considering that the gold reserves of Ukraine transported off the new authorities, and tranches from the IMF is not yet in sight, it becomes clear that to avoid further sales of gold simply will not work. The worst predictions say that by the end of the year the gold reserves of the country will not exceed $ 4.5 billion. There are only three types of events that never ceaseregarded by the world experts in the world of Economics.

• The Government of Ukraine to take drastic measures to restructure economic policy, including to hold all the necessary reforms under the IMF program. It is a prerequisite to the resumption of financing from the Fund and will avoid hard times.
• Ukraine may declare a default on its foreign debts and to give preference to the complete exhaustion of its gold reserves.
• Most unlikely scenario – it's divine intervention. The hope that the state will come to another large and successful state, which will solve all problems, does not die in the circles of officials and deputies.

Maybe all is not lost?

The Gold reserve of Ukraine for today is 26 tons. After a global sell-off reserve in the middle of autumn, by the end of the year in mass media there was information that the reserve Bank still managed to increase the capital. According to official data, by the end of January 2015, the amount of gold in the country amounted to 0.77 million ounces against the December figure of 0.76 million ounces. You can say that in dollar terms, the Ukrainian gold reserves in January 2015 increased from 911,09 to 967,25 million dollars. The head of the national Bank of Ukraine said that despite the forecasts, the government pariruet to increase gold reserves of the Ukraine in 2015 to $ 15 billion.

The Actual situation

The Gold reserve of Ukraine has disappeared almost entirely in connection with large-scale sales by the government. On January 1, 2015, according to official data of the National Bank, gold reserves amounted to 7.533 billion dollars. Less than a year “financial pillow” dipped by about 60%. According to the NBU, the reduction of the reserve for $ 2.4 billion in December are explained by the dynamics of repayment of debts for gas from Russia. The effect on the allowance provided NBU intervention in which it sold foreign currency in the amount of 831 million dollars. Funds in the amount of $738 million went to pay off foreign debts. This statistic includes the fact that Ukraine received assistance in the amount of 767 million dollars, of which $617 million was received from the European Commission, $20 million – this assistance from the IBRD and $130 million was made on the sale of foreign bonds.

Government Incompetence

Considering the question of what happened to the gold reserves of Ukraine, is to say that he, just a year ago, reaching its maximum for all time of existence of the state, today fell to a historical low. The situation can be attributed to the economic crisis, and the events that occur in the East of the country. On the other hand, we can safely blame the situation, not only the head of the NBU, but also the entire government. In a tight economy, when every country, including Russia, staying in is not an enviable situation to increase their reserves with the aim of strengthening the national currency, gold reserves of Ukraine continues to decline. NBU does not perform its direct functions – the preservation and accumulation of gold reserves.

"Separated" from the rest

Global statistics showed that gold purchases over the past year in the world increased from 400 to 500 tons. This information was provided by the world gold Council, which is located in London. During the second wave of sales of the metal in Ukraine actively continued to build its reserves, States such as Kazakhstan, Azerbaijan, Belarus, Mauritius. The only country in the world apart from Ukraine, which has reduced its gold reserves – Mexico. Moreover, the currency reserves in the country fell to a ten-year low and today amount to only $ 26 billion. The reason is simple: the state government has decided to assist the company «Naftogaz Ukrainy» the return of the Eurobonds and has financed the import of fossil fuels from the EU. The actions of the government of the country or are part of a deliberate and covert policy until the economic recovery or the reason for incompetence in the field of Finance. Other explanations of the situation just yet.