KYIV: Ukraine’s foreign currency reserves slipped to about $38.8 billion as of Dec. 1, the central bank said on Wednesday.

The reserves dipped for the fourth consecutive month. They stood at $39.97 billion at the start of November.

The central bank continued to intervene in the foreign exchange market to prop up the hryvnia currency. In November it sold some $2.45 billion, the central bank said in a statement.

The government also paid $250.3 million to the International Monetary Fund in November and another $109.2 million to service its debts to other foreign creditors.

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The central bank said that these payments were offset by financial aid from Ukraine’s Western partners.

Ukraine received $2.33 billion in foreign aid in November, including $1.64 billion from the European Union and $403.8 million from the World Bank. The government also raised $286.9 million placing its dollar-denominated bonds on the domestic debt market.