Belarus' gold and foreign currency reserves exceed $8.4bn
According to preliminary data, Belarus’ international foreign reserve assets made $8.425bn (in equivalent) as of January 1st, 2022. In line with the Monetary Policy Guidelines for 2021, the volume of international reserve assets was supposed to be at least $6.0bn as of January 1st, 2022 – as stated by the National Bank’s Information and Public Relations Department.
In December, gold and foreign currency reserves dropped by $44.1m (0.5 percent) after a decrease in November by $80.7m (0.9 percent).
In general, by late 2021, the country’s international reserve assets increased by $956.5m (12.8 percent).
The increase in the level of gold and foreign currency reserves in 2021 was facilitated by the National Bank’s purchase of foreign currency at the Belarusian Currency and Stock Exchange auctions, the allocation of Special Drawing Rights of the International Monetary Fund, the receipt of foreign currency to the budget, including from collection of export duties and placement of bonds denominated in foreign currency by the Finance Ministry on the domestic market, the attraction of external state loans, and also an increase in the value of monetary gold.
At the same time, by late 2021, the Government and the National Bank of the Republic of Belarus fulfilled the external and internal obligations in foreign currency in the amount of about $3.1bn, including $220m in December.
In line with the Monetary Policy Guidelines for 2022, the volume of international reserve assets – taking into account the repayment by the Government of the Republic of Belarus of internal and external liabilities in foreign currency – should make at least $7bn as of January 1st, 2023.