gold reserve of Ukraine has reached its peak in 2010.At that time he was about 34 billion 570 million dollars.As early as July 1, 2013 reserve of the country was reduced to 23 billion 148 million dollars.Thus, in just three years there were reductions Ukrainian capital almost a third.The tendency to reduce the GCR, and gold in particular, there remains today.
bit of history or the dynamics of reduction of reserve of Ukraine
gold reserve of Ukraine since the formation of the state has always shown positive growth.In the period from 1999 to 2013 it was first recorded by its acronym.The situation is attributed to the global crisis, which came at the world in 2008.Despite the fact that in 2010 the reserve of the country reached its maximum in 2012 it was marked "slimming" public purse by 22.8% compared to the previous year 2011.If we consider the record in absolute terms, we can say that it is keeping up 7 billion 48 million 590 thousand dollars.Experts attribute the reduction in the provision due to government efforts to keep the exchange rate of the national currency on the eve of the 2012 parliamentary elections.In May and June 2013 there has been a reduction in reserves for the next 2 billion $ 5 million.It was fixed amounts of capital at the level of performance of six years ago.Reducing the reserve at this time, again coincided with government efforts to stabilize the currency.The situation is exacerbated the need to pay external debt.During this period there were significant reduction of inflows to Ukraine.
State selling first wave
answer the question of where the gold reserves of Ukraine, lies in a massive sale of the yellow metal in 2014.Last Activity rid the government of the asset took place back in 2004.At that time, it sold 4 tons of metal in the amount of $ 50 million.After that, for 10 years, the reserve of the country remained intact and was replenished only 20 tons of gold.The first manipulation of the sale of assets were initiated in May 2014.In just a month the National Bank of Ukraine had sold about 2.8 tons or 90 thousand troy ounces of metal on the total amount of 113 million dollars.The stock of the country was reduced to 40 m. Note that the time for implementation of the precious metal has been chosen very unfortunate.
gold reserve of Ukraine
In September 2015, as mentioned above, the amount of gold reserves in Ukraine amounted to about 40 tons of the precious metal.In October 2014 the government of the state has taken the decision to sell their re-savings.As a result of manipulation of the reserve was reduced by 14 tons of the precious metal.The head of the National Bank of Ukraine said that the decision was not due to the difficult economic situation.A prerequisite for the "gold sale" was the need to reduce its specific volume and 7% in order to balance the gold reserves.Experts estimate the move as a desperate, because "safety cushion" of the country was almost completely sold out, not at the best prices.Digress into statistics.In 2011, the price of the yellow metal was about 1850 dollars per ounce.At a time when the gold reserves of Ukraine at odds with a hammer, asset price ranged from $ 1,200.At a time when Ukraine was balancing its reserves by selling an asset, most countries have also carried out the restructuring of the reserves, but only at the expense of savings.Experts do not cease to say that by the end of the year Ukraine can and do lose all the gold, since less than a year she was able to almost completely sell its emergency reserve.
What leads to a rapid reduction of gold reserves?
foreign exchange reserves continued to decline rapidly.This is due to the fact that the tranches from the IMF have been detained, the need to pay external debts and gas in winter preserved.The critical situation of the country puts the fact that out of 1.6 billion dollars, which are part of the gold reserves now total 2.6 billion - a foreign currency to accounts with deposits inclusive.The latter will generally be in the bank is not more than a year.For the most part, gold reserves of Ukraine formed securities, the total amount of 9 billion.The remaining one billion - the price of 26 tons of gold.Sell securities at the most advantageous prices may not be so easy, because the structure of the investment portfolio is hidden from the public.What disturbs a lot of rumors that the securities are not currently belong to the category of liquid assets, so they can not be sold on the market.
What threatens Ukraine in 2015?
Given that the gold reserves of the Ukraine exported beyond the new authorities, and the tranche from the IMF is not expected, it is clear that to avoid further gold sales just did not happen.The worst predictions suggest that by the end of the year the gold reserves of the country will not exceed $ 4.5 billion.There are only three choices of events that do not cease to be considered world experts in the world economy.
- The Ukrainian government will take drastic measures to restructure economic policy, including conduct all the necessary reforms to the IMF program.This will be a precondition for the resumption of funding from the Fund and avoid hard times.
- Ukraine may declare a default on foreign debt and to give preference to a complete depletion of its gold reserves.
- most unlikely scenario - it's divine intervention.The hope is that the government will come to the aid of another large and successful state, which will solve all problems, it does not die in the circles of officials and deputies.
Perhaps all is not lost?
gold reserves of Ukraine for today is 26 tons.After the global sell-off allowance in mid-autumn, the end of the year the media reported that the Reserve Bank still managed to slightly increase the capital.According to official statistics, by the end of January 2015, the amount of gold the country amounted to about 0.77 million ounces against the December figure of 0.76 million ounces.You could say that in dollar terms Ukrainian gold reserves in January 2015 rose from 911.09 to 967.25 million dollars.The head of the National Bank of Ukraine said that, despite the forecasts, the government paneer increase gold reserves of Ukraine in 2015 to 15 billion dollars.
actual situation
gold reserve of Ukraine has disappeared almost entirely due to the large-scale sell-government.Already on January 1, 2015, according to official data of the National Bank's gold reserves amounted to 7,533 billion dollars.Less than a year "financial cushion" slipped by about 60%.According to the NBU, the reduction of the provision for $ 2.4 billion in December alone explains the dynamics of repayment of debts for gas from Russia.The effect on reserve had the intervention of the NBU, the result of which was sold foreign exchange worth 831 million dollars.Funds in the amount of $ 738 million. Went to the repayment of external debt.These statistics already includes the fact that Ukraine has received assistance amounting to 767 million dollars, of which $ 617 million. Received from the European Commission, $ 20 million. - This assistance from the World Bank and $ 130 million. Brought the sale of foreign currency government bonds.
incompetent government
considering the question of what happened to the gold reserves of Ukraine, is to say that he is only a year ago, reaching its peak during the existence of the state, today fell to one of the historical lows.The situation can be attributed to the economic crisis, and to the events that take place in the east of the country.On the other hand, we can safely blame the situation not only the head of the NBU, but also the entire government.In a tight economy, where all countries, including Russia, residing in the far from enviable situation, increase their reserves in order to strengthen the national currency, gold reserves of Ukraine continues to decline.NBU can not cope with its direct functions - preservation and accumulation of gold reserves.
"stand out" from the rest
World statistics showed that gold purchases in the last year in the world increased from 400 to 500 tons.This information was provided by the World Gold Council, which is placed in London.During the second wave of sales of metal in Ukraine actively continued to increase their holdings of countries such as Kazakhstan, Azerbaijan, Belarus, Mauritius.The only country in the world, in addition to Ukraine, which reduced its gold reserves - this is Mexico.Moreover, the currency reserves of the country fell to a decade low, and today make up only 26 billion dollars.The reason for the phenomenon is simple: the state government has decided to help the company "Naftogaz Ukraine" to return Eurobonds and financed the import of fossil fuels in the EU.The actions of the Government or are part of a deliberate policy, and is a hidden recovery or reason incompetence in the financial sector.Other explanations for this situation does not exist.
