The structure of the gold reserves of each country included gold and currency.It is also often included, and other assets.In developed countries, the structure of the gold reserves may include the British pound and the Swiss franc, the yen and other major currencies of the world.The policy determines the composition of the Central Bank reserves.At the same time than the stability of the economy of the state, the higher the percentage of gold in its gold reserves.If the exchange rate is not very stable, even in the state reserve will be a substantial margin the strongest foreign currencies.
structure of the gold reserves of the countries
structure of gold reserves is fundamentally different depending on the state.The latest official data on January 1, 2014 suggests the following specific weight of gold assets:
- America - 70%.
- Germany - 66%.
- France - 64.9%.
- EU countries - an average of 55.2%.
- Russia - 7.8%.
- Ukraine - 8%.
Here we note that in the last three years was recorded decrease in the value of the precious metal.That is why the fact of the relevance of gold as the dominant asset, many have questioned.If a developing country, it is rational to fill the reserve majors, as their rate increases very quickly.Developed States issuers of world currency in the form of gold reserves prefer precious metals.In addition to the metal and currency of gold reserves may include special drawing rights and quotas of the IMF.
reserve Ukraine in 2014
gold reserves of Ukraine in 2014, according to published data are consistent with the equivalent of 16.2 billion dollars.The reason for the budget increase was a program of "stand-by" by the International Monetary Fund.The IMF has allocated 978.42 million dollars the government.At the expense of the National Bank received 397.55 million dollars.The dynamics was due to the country's obligations to make payments to repay the debt in foreign currency.During the month, the National Bank of actively manipulating money on international currency market.He carried out as a sale of currency in the amount of $ 833.74 million, and its purchase for 98.30 million.This format action was aimed at smoothing the national currency.
Reduction of gold reserves in 2015
gold reserves in Ukraine, despite the unexpected rise in the autumn of 2014, in December decreased by $ 7.5 billion.If you believe the official figures, by 1 January 2015, the volume of international reserves amounted to 7.533 billion.To assess the state of the reserve you can explore the same period last year.
In December 2014 the size of the gold reserves equivalent to the dollar stood at 9,965,95 billion.As a percentage of total assets of the state for the year decreased by 24.41%.Foreign exchange reserves decreased from 9 billion to $ 959,950,000 6,000,000,000 618,370,000.Foreign exchange reserves of Ukraine is not leaking into the drawing rights, which both accounted for 3.78 million dollars, and now account.There was a slight increase in dollar-denominated assets 903,840,000 equivalent to 911,090,000.Reserve position in the IMF remained on the record of 0.03 million dollars.
What does the government do?
According to the competent authorities, this reduction is due to the timely and full volume of debt repayment of the government and the NBU in foreign currency.UNIAN reported that the gold reserves decreased by 51.19% (10.450 billion dollars) in early 2015.
results of November is not very comforting, as the foreign exchange reserves of Ukraine, statistics are always in the normal range, in November easily updated their lows for the last 10 years.Last "weight loss" assets that level was recorded in December 2004 at around 9.715 billion dollars.National Bank justifies the payment of payments situation of "Naftogaz Ukraine" for imported gas.Moreover, systematic service and repay government foreign currency debt, including the IMF.
significant contribution to the intervention made the situation hryvnia on the interbank market.Foreign exchange reserves in Ukraine began to decline as early as 2013.At that time, they slipped by 16.83% or 4,130 billion.Forecast Valerie Gontareva relatively drastic increase in gold reserves in 2015 suffered a complete failure.
impact of the decline of gold reserves
Ukrainian foreign exchange reserves, the schedule of which in recent years has the flowing nature of the negative effect on the economy of the state as a whole.Reducing the backbone of the national economy and deprives certainty creates panic in society.
deviation from the reserve replenishment has occurred as a result of unscheduled parliamentary elections.Strict adherence to the plan would radically change the factual situation.State reserve of Ukraine in such an extent that it is today, according to the authorized persons is not a global problem.Optimism inspires the fact that the IMF itself has actively supported the position at which the assets of the country will be equal to $ 23 billion.The very same state is considering figure at $ 15 billion.
What is happening today?
At the moment, foreign exchange reserves of Ukraine decreased dramatically, if not to take into account the forthcoming tranche from the EU and IMF.The national currency is gradually reduced, the national debt does not stop growing.One can confidently say that hyperinflation and default on the public debt and will not take place.About
unpleasant situation in the country says stop publishing statistics on the analytical group Da Vinci AG.The company since 2010 preparing the quarterly forecast of gold reserves, but in the second half of 2014 completely abandoned its venture in connection with the extremely negative outlook.The situation, according to most experts, is related to the negative dynamics of the past 6 years in the field of industrial exports.
When the downward trend?
gold reserves of Ukraine in 2014 is much lower than planned.According to experts, the trend towards the reduction of assets was laid in 2011.It has an indirect binding to the hostilities in the Donbass.Events that took place in the east of the country, acting as a catalyst for the current situation, which would still be revealed to the 2017-2018 year.
gold reserves in Ukraine showed the dynamics, similar to the position of Ukrainian exports in the world market during the period from 2000 to 2014.Only in the field of metallurgy overseas sales from 2007 to 2013 were reduced by at least 25%.The prices sank by around 30%.Consumers in Europe and Asia have significantly reduced orders.In parallel, the state MENA began to actively build capacity.
Falling gold reserves: probable causes
currency reserves of Ukraine actually collapsed, but not only because of the economic situation in the world, and as a result of reduced production and sales in the international market.The reason for the phenomenon is directly related to the fixed exchange rate of the national currency, to the lack of economic reforms, the continuation of the policy rate to economic resources with a parallel decrease of their weight in the global economy.An identical situation in the chemical industry and in mechanical engineering.
reduction of reserves - it is a natural phenomenon.The aggravation of the crisis in 2014 coincided with a branch of the Crimea and the fighting in the east of the country.The negative situation in the country left its mark on the international reserves of Ukraine.October 2014 was only a natural decline after the rise of 2008-2009, when the economy flourished due to the state of active foreign financial assistance.
What can change the situation?
situation in Ukraine, including a sharp reduction in gold reserves and systematic, require rapid response and intervention of the NBU.We need to stabilize the situation in many commercial financial institutions, including through the introduction of temporary administration.Certain situations call for official recognition of bankruptcy without trying to rectify the situation by financial expenses.Consolidation of the financial market - this is the best scenario, which requires the removal of small financial institutions without a large base of clients from the domestic market.It should be noted that the National Bank does not have a strong leverage in the exchange rate.Actions at the level of the Cabinet of Ministers and the National Bank to attract foreign investment and to encourage the development of exports of more than vital.
as can be seen in terms of gold reserves in Ukraine?
reserve of gold reserves in Ukraine demonstrates the financial strength of the state reserve.Replenish and spend funds from the reserve may only NBU.The main purpose of assets - is the elimination of the fiscal deficit of the balance of payments exclusively to implement interventions.The assets required for the conduct of investment activities in the foreign exchange market to influence the national currency rate.Gold and currency reserves can be called a financial safety margin of the national currency, using which the state can not only strengthen the national currency, but also to stabilize it.
Fall reserves clearly shows that the NBU is actively spending highly active in trying to support the hryvnia exchange rate in the international market.Decrease in inventories can be called a disturbing trend, indicating the weakness of the currency.Inventory reduction indicates a high probability of growth of the dollar and the euro, because the state simply can not support the rate of the national currency.It is fraught with complete depletion of foreign exchange reserves and the default of the economy.Despite positive forecasts, the actual increase in the gold reserves are not expected.
