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IMF program to help increase Belarus' gold, forex reserves to $9.5bn by late 2019

Economy 19.10.2016 | 12:17

MINSK, 19 October (BelTA) – The implementation of the program with the International Monetary Fund (IMF) will help increase Belarus' gold and foreign exchange reserves to $9.5 billion by the end of 2019, Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Dmitry Kalechits said during the round table hosted by BelTA.

“As of today, Belarus' gold and forex reserves make up $4.8 billion. This is about 1.9 months of import. As for the size of the gold and forex reserves needed for the full coverage of potential risks and shocks in the country, it is estimated at $10-10.5 billion. The implementation of the program with the IMF will help raise the reserves to $9.5 billion by the end of 2019,” Dmitry Kalechits said.

He stressed that the gold and forex reserves have never been so high in the history of sovereign Belarus. “This will become a prerequisite for shaping positive expectations in the country and abroad, it will become the trigger for the reduction of inflation and promotion of investment activities, a foundation for the price and financial stability, sustainable economic growth,” Dmitry Kalechits believes.

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