In March, Belarus’ gold and foreign exchange reserves rose by $0.33bn
As reported in the weekly macroeconomic review of the Eurasian Development Bank (EDB), the increase in the price of gold on the world market affected the growth of Belarus’ gold and foreign exchange reserves in March 2023
According to the EDB, gold and foreign exchange reserves increased by $0.33bn in March 2023, amounting to $7.1bn in early April this year. The growth of reserves was affected by the increase in the price of gold on the world market from February 28th to March 31st by 7.7 percent. Moreover, the net demand for foreign currency in the Belarusian domestic foreign exchange market has noticeably decreased.
In accordance with the Monetary Policy Guidelines for 2023, the volume of international plus reserve assets as of January 1st, 2024, should total at least $6bn.
The Eurasian Development Bank is an international financial organisation established by Russia and Kazakhstan in January 2006 to promote the development of the market economy of the member states, their sustainable economic growth and the expansion of mutual trade-economic ties. EDB member states also include Armenia, Belarus, Kyrgyzstan and Tajikistan. Today, the authorised capital of the EDB is $7bn.
