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Ukraine official plays down risks of hryvnia devaluating further

Randy Mancini 4 Mar 12
FILE PHOTO: Ukrainian hryvnia banknotes are seen in a photo illustration shot in Kiev, Ukraine
FILE PHOTO: Ukrainian hryvnia banknotes are seen in a photo illustration shot in Kiev, Ukraine, August 6, 2014. REUTERS/Konstantin Chernichkin/Illustration/File Photo

March 12, 2022

LVIV, Ukraine (Reuters) – The Ukrainian president’s economic adviser on Saturday played down the risks of the hryvnia devaluating further, despite the Russian invasion of the country which began on Feb. 24.

Oleg Ustenko told local media that Ukraine’s budget was fully funded and that the country’s foreign exchange reserves of $27.5 billion would be replenished. Ukraine has secured emergency financing from the International Monetary Fund and other institutions to support its economy during the war.

Russian forces have shelled major Ukrainian cities, including Kyiv and Kharkiv, hit critical infrastructure and disrupted shipping routes through the Black Sea.

Ustenko has previously said that invading Russian forces have so far destroyed at least $100 billion worth of infrastructure, buildings and other physical assets.

(Reporting by Natalia Zinets; writing by Matthias Williams; editing by Alexander Smith)