KIEV, Dec. 4 – Spending of forex reserves should be restrained in order not to considerably cut hryvnia liquidity in conditions of economic recession, according to Valeriy Lytvytsky, the head of the group of advisers to the governor of the National Bank of Ukraine.

"This year, we should show a lot of prudence in interventions to sell currency. The economy is not in a phase of upsurge. It is one thing to cut the liquidity with GDP growth, for example, by 12.7% [over 10 months of 2004], or when the relevant figure is 5.9%," he said in his article in Den newspaper.