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Belarus’ gold, forex reserves expected to exceed $6bn by 2021 year-end

MINSK, 15 April (BelTA) – According to the National Bank, Belarus’ gold and foreign exchange reserves will exceed $6 billion by the end of 2021, Chairman of the Board of the National Bank Pavel Kallaur said at a press conference on 15 April, BelTA has learned.

“Taking into account the fulfillment of external or internal obligations, gold and foreign exchange reserves stood at $6.9 billion as of 1 April. At the end of the year, taking into account projected receipts and payments, we expect the reserves to exceed $6 billion. This will be equal to two months of imports of goods and services,” Pavel Kallaur said.

According to him, despite the challenges of 2020, the domestic economy has not accumulated imbalances that could cause increased concern. “However, the operational environment remains difficult and volatile due to the impact of unfavorable factors and new challenges,” the chairman of the Board of the National Bank said.

At the end of 2020, the current account deficit of the country’s balance of payments amounted to $0.2 billion; it improved by $1 billion compared to 2019. “The improvements of the current account are mostly attributed to foreign trade. The foreign trade surplus amounted to $1.9 billion in 2020. In January-February 2021, the balance of foreign trade in goods and services amounted to $756 million. The economy showed a slight growth of 0.8% in January-February,” Pavel Kallaur added.

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