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. Last Updated: 07/27/2016

Kiev Reserves Fell 55%




KIEV -- Ukraine's hard currency reserves stood at $1.05 billion as of Jan. 1, shrinking nearly $1.3 billion, or 55 percent, during 1998, the independent Ukrainian News agency said Thursday.


The reserves were $2.34 billion as of the beginning of 1998, and had been increasing steadily in the previous two years, but the National Bank systematically sold U.S. dollars from its coffers last year to support the national currency.