Ukraine is now holding more in gold and currency reserves than at any other time in the history of the country, the nation’s central bank has revealed.
The Ukrainian national bank says it now holds a whopping $39 billion in foreign reserves.
The figure is a record high for the country as an independent nation.
The huge stash was revealed as Ukraine continues to receive never-ending large deliveries of cash from allied nations, especially from American taxpayers.
As of July 1, there was a $38.99 billion reserve held by the Ukrainian government, the National Bank of Ukraine said in its latest figures.
The number is a significant increase from $37.3 billion in June.
The size of the reserve is the largest since the fall of the Soviet Union.
It also beats the previous 2011 record of $38 billion.
According to the National Bank, this reserve was achieved “thanks to sustained and regular inflows from international partners.”
The receipts of these “inflows” exceeded the central bank’s outgoings of paying down foreign-held debt and selling currency reserves to balance the economy.
The bank cited some of the June incomings given to Ukraine from foreign allies.
The June inflows included:
- $1.6 billion from the European Union
- $1.2 billion from the United States
- $886 million from the World Bank.
According to a report from the Polish financial newspaper Rzeczpospolita, the reserve is held in foreign currencies and gold.
Reuters also reports that Ukraine has received $23.6 billion in cash from Western partners this year so far.
Bank governor Andriy Pyshnyi thanked Western partners for the cash injections in a statement on the figures on Friday morning.
“This is a record for the entire independent history of Ukraine,” Pyshnyi said.
“An incredible achievement for a country at war…
“The involvement of international partners is extremely powerful, and the volume of external financing is historic.
“This support is not charity…
“Thanks to our partners!”
