National Bank outlines drivers behind Belarus’ gold, forex reserves growth

MINSK, 7 May (BelTA) – Dmitry Murin, Head of the Main Directorate for Monetary Policy and Economic Analysis at Belarus’ National Bank, told journalists about the factors driving the growth of Belarus’ gold and foreign exchange reserves, BelTA has learned.

The results of monetary policy implementation in Q1 2026 were reviewed at an extended meeting of the Board of the National Bank.

According to Dmitry Murin, gold and foreign exchange reserves increased by over $800 million in Q1 2026. This was significantly driven by favorable global gold price trends, which accounted for more than $500 million. Additionally, operations by the National Bank and the government contributed over $300 million, partly due to foreign currency purchases on the domestic market.

“Based on the results of Q1 2026, we purchased over $50 million on the stock exchange,” Dmitry Murin noted.

As for the stable functioning of the banking industry and the payment services market, performance indicators for the share of non-performing assets, assets at risk, and the continuity of settlements are generally being met. “The figures are, respectively, 2.3% for NPLs [non-performing loans] against a threshold of no more than 10%, while settlement continuity is ensured at 99.96%, compared to a minimum required level of at least 99.8%,” Dmitry Murin said.

One indicator is currently lagging behind the projected trajectory. This refers to the volume of investment financing.

As previously reported, Belarus’ gold and foreign exchange reserves have increased to $15.267 billion. Foreign currency assets and monetary gold account for the largest shares in the structure of Belarus’ international reserve assets. According to National Bank data, foreign currency reserves stood at $5.8628 billion as of 1 May, up by $4.2 million in April, while monetary gold amounted to $7.9873 billion, an increase of $5.9 million.

According to the monetary policy targets, Belarus’ international reserve assets are projected to reach at least $9.2 billion by the end of 2026.

Photos by Vitaly Pivovarchik/BelTA