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05 March 2021, 12:11

Belarus' gold, forex reserves 1.2% down to $7.1bn in February 2021

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MINSK, 5 March (BelTA) – According to the preliminary data, Belarus' gold and foreign currency reserves totaled $7,114.5 million as of 1 March 2021, BelTA learned from the Information and PR Department of the National Bank of the Republic of Belarus.

In February 2021, the country's gold and foreign currency reserves went down by $88.9 million (or 1.2%) following the January fall of $265 million (3.5%).

“The decrease in the volume of the gold and foreign exchange reserves in February was mainly due to the planned repayment of foreign and domestic obligations in foreign currency in the amount of about $250 million, the sale of foreign currency by the National Bank on the Belarusian Currency Stock Exchange, and the decline in monetary gold price. The demand for foreign currency in the domestic market was explained by the implementation of activities to convert some companies' debts on loans from foreign currency into Belarusian rubles,” the National Bank explained.

In February, the level of gold and foreign exchange reserves was maintained thanks to the revenues from selling government bonds nominated in foreign currency by the Finance Ministry.

According to the country's main monetary guidelines for 2021, the volume of international reserve assets is expected to make up at least $6 billion on 1 January 2022.

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