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Belarus’ Gold And Forex Reserves Total $6.5 Billion This Month

Belarus’ gold and foreign-exchange reserves reached $6,477 million as of 1 February 2018.

The gold and foreign currency reserves will be increased next year!

In January this year the country’s gold and foreign exchange reserves fell down by $837.9 million, which is about 11.5%.

The preliminary data was made public by the Information and PR Department of the National Bank of the Republic of Belarus (NBRB).

Read also: Belarus takes 72nd place in best countries report 2018

“The January decrease in Belarus’ international reserve assets was driven by the honoring of domestic and foreign commitments in foreign currency.

The government and the National Bank used $835.8 million out of $1.4 billion to repay the foreign government bonds,” the NBRB said.

Belarus’ gold and forex reserves were backed by the following budget revenues:

  • selling government bonds nominated in foreign currency by the central bank and the Finance Ministry,
  • export duties on oil and oil products,
  • an increased cost of the monetary gold.

In line with the IMF Special Data Dissemination Standard (SDDS), Belarus’ gold and forex reserves increased by $2.4 billion – up 48.5% – in 2017 to reach $7,315 million.

Read also: Belarus’ GDP grows by 2.4% in 2017

To meet the country’s main monetary guidelines for 2018, the volume of *international reserve assets should reach at least $6 billion on 1 January 2019.

*International reserves are liquid assets held by a country’s central bank in order to implement monetary policies effecting the country’s currency exchange rate and ensuring the payment of its imports.

The assets include foreign currency and foreign denominated bonds, gold reserves, SDRs (special drawing rights) and the IMF reserve position.

Sources: TUT.BY, BelTA