KYIV, Jan 6 - Ukraine's foreign exchange reserves increased by 15% on the year to $29.1 billion as of January 1, reflecting the government ‘s massive borrowing in December, the press service of the National Bank of Ukraine (NBU) said.

"This volume of reserves is a record over the past eight years [the last time a larger volume was recorded back in September 2012], and also corresponds to the forecast of the National Bank, placed in the inflation report for October 2020," the report says.