IMF-Sized Hole Too Big for Ukraine’s Central Bank to Fill

  • Bank has been replenishing reserves via FX-market purchases
  • Bailout delays slowing efforts to rebuild financial defenses

A bank worker rolls up uncut sheets of ten and one hryvnia banknotes at the headquarters of the National Bank of Ukraine in Kiev, Ukraine.

Photographer: Vincent Mundy/Bloomberg

Hold-ups in Ukraine’s $17.5 billion bailout have left the central bank treading a lonely path to rebuild the nation’s financial defenses. While foreign reserves are creeping up, the former Soviet republic isn’t out of the woods yet.

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