Ukraine cuts gold reserves again

Ukraine cuts gold reserves again
Ukraine reduced its bullion holdings for a second straight month, according to International Monetary Fund data released on Tuesday.
Ukraine — locked in a conflict with pro-Russian separatists since early this year — has been selling gold from its reserves.
Ukraine is near bankruptcy, dependent on international loans, and deeply in debt for natural gas to Russia. Its foreign currency reserves tumbled to a 10-year low in November.
The country cut reserves by 2.488 tonnes to 23.639 tonnes in November, following a 14-tonne sale in October.
Ukraine’s central bank had said in November that the sale of gold reserves in October was due to the optimisation of the composition of its international reserves. It did not say if the sales were due to financial difficulties.
Significant buying and selling by central banks can influence gold prices, which are currently trading near a three-week low.

Теги: BUSINESS
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