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06 January 2021, 09:47

Belarus' gold, forex reserves at $7.5bn

MINSK, 6 January (BelTA) - According to the preliminary data, Belarus' gold and foreign currency reserves totaled a record high of $7,468.5 billion as of 1 January 2021, BelTA learned from the Information and PR Department of the National Bank of the Republic of Belarus.

According to the country's main monetary guidelines for 2020, the volume of international reserve assets was expected to make up at least $7.3 billion on 1 January 2021.

In December 2020, the country's gold and foreign currency reserves went up by $92.1 million (or 1.2%) following the November fall of $109.2 million (1.5%).

Overall, the country's international reserve assets decreased by $1.9 billion (or 20.5%) in 2020.

The decrease in the volume of the gold and foreign exchange reserves in 2020 was mainly due to the planned repayment by the government and the National Bank of Belarus of foreign and domestic obligations in foreign currency in the amount of about $3.9 billion, including $227 million in December and also due to the sale of foreign currency by the National Bank via the Belarusian Currency Stock Exchange.

In 2020 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 in domestic and foreign markets, external government loans, other foreign currency budget revenue, and the increase in the value of monetary gold.

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, taking into account the repayment of foreign and domestic obligations in foreign currency.

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