KIEV, Dec. 22 - The National Bank of Ukraine has decided to reduce its share of gold in foreign exchange reserves, in line with practices in developing countries, according to Serhiy Ponomarenko, the head of the department for forex transactions management and financial markets analysis at the NBU.

"Analyzing the dynamics of world markets, the structure of our balance of trade, and looking through the data on the structure of foreign exchange reserves of developing countries... the NBU board revised the percentage of gold in the country's forex reserves downwards," he said in a short video posted on Youtube.