Foreign financial assistance will ensure the stability of Ukraine's central bank reserves, even though the country is facing an economic blow from the Russian invasion.

This was stated by the governor of the Ukrainian Central Bank Kirilo Shevchenko, quoted by Reuters, BTA reported.

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The central bank's international reserves fell to $ 26.8 billion in early May from $ 28.1 billion a month earlier.

"We have a sufficient supply of foreign currency, although the government is repaying all its foreign debt obligations," Shevchenko wrote on the NV Business Media portal.

"With sufficient international financial support, we will be able to maintain reserves at the appropriate level and even increase them," he stressed.

Russia's third-month invasion of Ukraine has forced millions of Ukrainians to flee their homes, spiked food and oil prices, shut down many companies and ruined exports.

"The annual inflation rate could exceed 20 per cent by the end of the year," Shevchenko said.

"In times of war, it is impossible to avoid rising prices," Shevchenko wrote, adding that the central bank would maintain its fixed exchange rate as one of the measures to control consumer price inflation.

"To cope during the war, the country will need more international financial support," he added.

To date, Ukraine has received more than $ 4.4 billion in international aid.

"Gross domestic product is expected to shrink by at least a third," the banker said.

"The economy will recover, but the losses from the war will be significant," Shevchenko wrote.

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