from The News Doctors:
At present, Ukraine is teetering on the brink of a default. Its rapidly dwindling gold and foreign exchange reserves are an indication of the country’s catastrophic financial situation. According to official data, on 1 February 2015 Ukraine’s international reserves amounted to $6,419.7 million. This is a triflingly small amount for a country like Ukraine. Given that the country’s average monthly imports last year were at the $5 billion level, Ukraine only has enough gold and foreign exchange reserves to cover imports for a little more than a month (in line with IMF recommendations, a country should have a minimum reserve equivalent to three months of imports).
The core of any country’s international reserves is monetary gold. It is the most qualitative part of reserves, is independent of the political climate and is an emergency world currency. The issue of Ukraine’s gold, however, is shrouded in a mist of uncertainty and disinformation.
Please follow SGT Report on Twitter & help share the message.