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. Last Updated: 07/27/2016

Ukraine Reserves Drop

KIEV -- Ukraine's National Bank hard-currency reserves dropped to $1.062 billion as of May 10 from $1.153 billion at the end of February, a bank official said Friday.

The bank's reserves have been dropping since the International Monetary Fund suspended its loan program last fall. The bank had no other source to replenish reserves but to buy hard currency on the interbank currency exchange. It has bought about $510 million since the start of 2000 and paid about an equal sum to cover Ukraine's foreign debt payments, said Serhiy Yaremenko, head of the bank's currency regulation department.

A recent audit of the National Bank found that it had overstated its reserves in the late 1990s, possibly misleading the IMF to win $200 million in loans that might otherwise have been denied.