KIEV, Feb. 21 – Ukraine's net international reserves (excluding borrowed funds) by early July 2011 are expected to hit at least $18.611 billion, which is 14.1% or $2.3 billion up on the target for early January 2010, reads a memorandum by the Ukrainian authorities to the International Monetary Fund (IMF) dated December 10, 2010 and posted on the IMF's Web site.

According to the document signed by the Ukrainian prime minister, finance minister and governor of the National Bank of Ukraine (NBU) on December 10, 2010, the net international reserves could fall by $560 million in late June 2011, from $19.171 billion, compared to June 2010.

By early Q2, 2011, the ceiling of NIR was set at $14.751 billion.