Ukraine’s central bank has spent more than $300 million since July 1 to prop up the hryvnia,

Ukraine’s central bank has spent more than $300 million since July 1 to prop up the hryvnia, Oleg Churiy, a deputy governor at the National Bank of Ukraine, tells Bloomberg. “We depend on the IMF and how quickly the Finance Ministry will be able to borrow on the market,” Churiy says. “If there are no external funds, our reserves will decline due to debt repayments and interventions.” Bloomberg calculates the government could burn up $1 billion defending the hryvnia, which slipped on Monday to 27 to the dollar.