KIEV, Jan. 26 – The National Bank of Ukraine has used $11 billion from its gold and forex reserves since October 2008 to stabilize the national currency and service the country's foreign debt, NBU First Deputy Head Anatoliy Shapovalov said at an extraordinary meeting of Parliament on the central bank's activities on Monday.

"Amidst the absence of government anti-crisis measures, keeping the [hryvnia] exchange rate unchanged would result in an accelerated fall in reserves, when we would have failed to service our foreign debt, while the aftermath and pace of the fall in the hryvnia exchange rate would be more dramatic," he said.