IMF: Ukraine slashed gold holdings in October
Ukraine slashed its gold reserves by more than a third in October, data from the International Monetary Fund showed, as the near-bankrupt country reels from fighting a pro-Russian separatist movement in the east.
Ukraine ended last month with 26 tonnes of gold, down by 14 tonnes from September, while Russia added another 18.9 tonnes, taking its total to 1,168 tonnes — still the fifth biggest holding by a central bank.
Ukraine, locked in a conflict with separatists since early this year, is near bankruptcy, dependent on international loans, and deeply in debt for natural gas to Russia, the former imperial master it accuses of waging war on behalf of separatists on its territory.
Its currency, the hryvnia, has lost 83 percent of its value against the dollar this year and its foreign currency reserves plunged to a nine-year low last month.
More selling by Ukraine, or any other central bank, could hurt gold prices, which earlier this month sank to 4-1/2-year lows following a sell-off that began in late October. Gold is extremely sensitive to buying and selling by central banks — the biggest holders of bullion.
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