Fears of a bank run in Ukraine are rising, as central bank reserves sink and some 7 percent of bank deposits were lost in just 3 days.
Ukraine's reserves currently sit at $15 billion, according to the country's newly appointed central bank governor, Stepan Kubiv. Kubiv said 7 percent of deposits, or 30 billion hryvnias ($3.3 billion), were lost between February 18-20, when the violence in the country reached its zenith and snipers opened fire on protesters.
Goldman Sachs has estimated the country's foreign currency reserves have declined to $12 - $14 billion.
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The central bank is considering providing loans to five of the country's banks, according to analysts, in order to prevent a bank run – when a large number of customers withdraw money simultaneously, increasing the likelihood of the bank running out of funds.
Reuters reported later on Wednesday that the central bank was taking measures to stop capital flight from the country.
"As suspected, February saw a further reserve loss - likely around $3 billion," said Timothy Ash, the head of emerging market research at Standard Bank. "I assume this was from people on the street, and I guess from former regime 'elites'. Reserve cover is now likely below two months of import cover."
"Clearly a very challenging job for the new governor, just 24 hours into the job," he added.