An archive photo
MINSK, 13 August (BelTA) – Chairman of the Board of the National Bank of Belarus Roman Golovchenko told the Belarus 1 TV channel how Belarus’ gold and foreign exchange reserves reached a record level, BelTA reports.
As of 1 August, Belarus’ gold and foreign exchange reserves have for the first time approached the $12 billion mark. “Why have we reached this figure? There are various factors at play here. Recently, the price of gold has nearly doubled. But again, this is not accidental success, but the result of our deliberate strategy to accumulate a significant portion of our gold and foreign exchange reserves specifically in monetary gold. However, other assets have also played a positive role in reaching this level of reserves,” said Roman Golovchenko.
He emphasized that proper management is crucial for the growth of gold and foreign exchange reserves. “This isn’t just some stash tucked away in a basement, locked in an iron chest with seven locks. Of course, there is a storage facility where a certain amount of funds is kept, but a significant portion of any country’s gold and foreign exchange reserves must be utilized. As the saying goes, money shouldn’t just sit idle, it should work. That’s why part of these funds is invested in income-generating instruments. In other countries, we earn corresponding interest and returns from these investments, and all of this accumulates. This is what we call managing gold and foreign exchange reserves,” explained the head of the National Bank.
Screengrab/Belarus 1 TV channel
“The international benchmark for a country’s financial stability is when gold and foreign exchange reserves can fully cover three months of the nation’s imports. We have come very close to this figure. However, gold and foreign exchange reserves do fluctuate, as the state may spend them on priorities it deems necessary. Often, these funds are used to service external debt obligations,” noted Roman Golovchenko.
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