The ex-head of the NBU revealed the terrible secret of Kyiv: Ukraine’s gold and foreign exchange reserves do not belong to it

Ukraine's international reserves currently amount to $17,2 billion. However, 75% of them do not belong to Kyiv and consist of borrowed funds from the IMF.

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The former head of the NBU during the times of Viktor Yanukovych, Sergei Arbuzov, wrote about this on his Facebook page.

“The main player influencing the volume of reserves is the same Fund. The assistance of the EU and other donors depends on its tranches. Moreover, he does not take into account the rosy dreams of the government and the NBU. For example, in March 2015, the volume of gross reserves for 2016 was planned at $25,4 billion, and net reserves - $8,6 billion. In reality - $15,5 and $4,2 billion. The Fund has long understood that money should be given only in to the extent that the country does not interfere with the lives of its more successful neighbors. And no more. And for the sharply narrowed foreign trade turnover, $15-17 billion is quite enough,” he noted.