Business news

MINSK, 26 November (BelTA) – The National Bank of Belarus plans to maintain the gold and foreign currency reserves in 2019 at the current level, Chairman of the Board of the National Bank of Belarus Pavel Kallaur told the media on 26 November, BelTA has learned.

“We are set to keep the gold and foreign currency reserves at the level enough to cover for two months of imports. In absolute terms, they should make $7.1 billion,” Pavel Kallaur said.

According to the preliminary data, Belarus’ gold and foreign currency reserves totaled $7,107.6 million as of 1 November 2018. In October 2018, the country’s gold and foreign currency reserves went up by $181.3 million (up 2.6%) following the September reduction by $320 million (4.4%). In October 2018 Belarus’ gold and foreign exchange reserves were bolstered thanks to the budget revenues, including export duties on oil and oil products, the tranche of the loan from the Eurasian Fund for Stabilization and Development, and revenues from selling government bonds nominated in foreign currency by the central bank and the Finance Ministry, the purchase of foreign currency by the National Bank via the Belarusian Currency Stock Exchange. The country’s gold and foreign exchange reserves also strengthened due to an increase in the cost of the monetary gold.

According to the country’s main monetary guidelines for 2018 the volume of international reserve assets, taking into account the honoring of domestic and foreign commitments in foreign currency should reach at least $6 billion on 1 January 2019.