MINSK, 10 December (BelTA) – First Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Aleksandr Yegorov has shared projections concerning the level of Belarus’ gold and foreign exchange reserves at the end of the year, BelTA has learned.
Aleksandr Yegorov said: “The current level of the gold and foreign exchange reserves stands at $13.9 billion. It has increased by approximately $5 billion since the beginning of the year. The current level of the gold and foreign exchange reserves is a record high in absolute terms and in relation to import: they can cover more than three months of import. The reserves give a certain durability reserve that allows the economy to develop more smoothly despite external challenges.”
In his words, over the past month the growth rate was not as high. Nevertheless, the reserves grew by more than $170 million. “Net purchases of foreign currency by the National Bank represented an important contribution to this process. The purchases were triggered by the supply of foreign currency on the part of the population and on the part of commercial entities,” the first deputy chairman of the NBRB Board noted.
“If we talk about projections for the end of the year, we expect no substantial fluctuations. We expect the gold and foreign exchange reserves to be at about $13.9-14 billion. If we talk about 2026, then many analysts base their projections on rising prices for gold. Our estimates will be more conservative. Our projections don’t consider the rising prices for gold. We assume that the net purchase of foreign currency by the National Bank should be the main source of the growth of the gold and foreign exchange reserves,” Aleksandr Yegorov concluded.
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