EDB explains growth of Belarus’ gold and forex reserves

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MINSK, 6 October (BelTA) – The Eurasian Development Bank (EDB) analysts have identified the reasons for the increase in Belarus’ gold and foreign exchange reserves, BelTA reports citing the EDB’s macroeconomic review.

Belarus’ gold and foreign exchange reserves have achieved another historic high, reaching $13.3 billion at the start of October.

In its analysis, the Eurasian Development Bank remarked: “The key factor was a $690.4 million increase in the value of monetary gold within the reserves’ structure, driven by rising global prices, which grew by 11.6%.”

Foreign currency reserve assets increased by $176.1 million. Since the beginning of the year, gold and foreign exchange reserves have grown by $4.4 billion, with more than half of this increase driven by an increase in foreign currency reserve assets.

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