Ukraine's foreign exchange reserves shed 7.248 billion U.S. dollars, or 22.8 percent, to 24.546 billion dollars in 2012, the National Bank said Tuesday.

The decline was attributed to a slowdown in exports, shortage of funding from foreign lenders as well as fluctuations in the value of the national currency hryvnia and strong domestic demand for foreign currency.

In December, the country's foreign reserves slid 830.71 million dollars, or 3.3 percent, from a month earlier, the bank said.