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Additionally, since the start of February, the
corresponding accounts banks have with the central bank decreased by $210
million – this figure allows to estimate amount of regulator’s interventions this month.

On Feb. 11 the hryvnia slipped in value reaching 8.63 to
the dollar, after ending at 8.5 a day earlier. The National Bank’s declared
willingness to let market forces define the rate does not mean that it and its
interventions won’t be a part of these market forces. Consequently, the regulator
needs more money.

Moreover, this week government has to transfer $359
million to the International Monetary Fund, while next month it has to service
$191 million in debt. More challenging will be in the end of April when Ukraine’s
payment schedule includes $1 billion to the IMF.

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